Biratnagar: Koshi Province government has launched ‘Udaya’ project with the support of Swiss government for the promotion and entrepreneurship of small and medium enterprises.
It is expected that the project would open new door of economic prosperity along with employment creation in the province. Business development service would be provided through approved service provider under the ‘Udaya’ project.
A target has been set to secure loan worth Rs 8 billion through guarantee fund of Rs 600 million and promotional and competitive capacity building through Challenge Fund of Rs 280 million.
Except this, the Project would make arrangement of providing information related to market through information portal.
Under the project, Rs 3 million to Rs 30 million loan would be provided without collateral and a process for the selection of banks has been forwarded to this initiative.
According to Koshi Province government, Udaya project aims to create a large number of employment along with entrepreneurship in the province as well as strengthen economic basis. A procedure has already been prepared for the effective implementation of the project and the procedure is in the phase of implementation.
The Koshi Province government has set a target of introducing the project in 14 districts of the province as well as it has a policy to promote small and medium enterprises operated in the province and encourage for the establishment of new industries.
Around Rs 8 billion would be mobilized at credit guarantee of the Koshi Province government under the project. In the first phase, the project would be operated for four years and 3,000 jobs would be created in the province through the project.
Enterprises Development Chief of the project, Bishnu Kafle, shared that this project is designed to operate for 10 years.
Udaya is a bilateral project between the government of Nepal and government of Switzerland and is implemented by the Ministry of Economic Affairs and Planning, Koshi Province with technical assistance from DAI.
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