Dr. Prakash Kumar Shrestha, Vice-Chairperson of the National Planning Commission, stated that aside from microfinance institutions that provide collateral-free loans, there are no other organizations offering such services.
Addressing the Bagmati Province Microfinance Members’ Conference in the capital on Friday, Dr. Shrestha emphasized that microfinance institutions have played a vital role in reducing poverty by providing collateral-free loans. He noted that over the past three decades, microfinance has made significant contributions to alleviating poverty in the country.
Dr. Shrestha also highlighted how microfinance has empowered women by providing them with financial resources. He mentioned that while microfinance faced criticism in the past due to political agendas, the situation has now normalized. He reaffirmed the state’s commitment to addressing challenges across all sectors.
At the same event, Ram Bahadur Yadav, President of the Nepal Microfinance Bankers Association, stressed the crucial role of microfinance in increasing financial access and promoting financial inclusion.
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