According to the bank website, "the project will provide funding to the Bank to support the working capital needs of its clients, especially Small and Medium Enterprise (“SME”) clients in key sectors within Nepal’s economy."
According to IFC, NIC Asia Bank was established on July 1998 as NIC Bank. The Bank merged with Bank of Asia Nepal in June 2013, to form NIC Asia Bank. It is the third largest private sector commercial bank in the country in terms of asset size. The Bank offers a range of financial services including corporate banking, retail banking, cash management, remittance, payment solutions, trade finance, treasury and correspondent banking, bank guarantee, and wealth management. The Bank is listed on the Nepal Stock Exchange, with 49% of ownership publicly traded and widely held. The remaining shares are owned by a group of individuals, including Ashok Kumar Agrawal (6.45%), Trilok Chand Agarwal (5.34%), Subhash Chandra Sanghai (5.24%).
NIC Asia Bank Limited
Head - Treasury
Trade Tower, Thapathali, Kathmandu, Nepal
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/