Cabinet decisions: Concessional Commercial loan to restore entrepreneurs

Kathmandu / Nov. 20: The government has brought the scheme of concessional commercial loan in order to restore the enterprises dented by the Covid-19. The Council of Ministers held on November 12 took this decision.

The concessional commercial loan would be provided to the small and cottage industries and firms so that they would revive the business and pay the workers in the wake of Covid-19 pandemic.

Minister for Communications and Information Technology Parbat Gurung shared information to this regard at a press conference on Friday. Even a work procedure for the scheme was passed by the Cabinet, he added.

The industries and enterprises that suffered much would be divided into three categories as per the severity they faced and the concessional loan provided accordingly.

The government also decided to accept the grant of some Rs 18 billion to be provided by the World Bank for urban governance reform and infrastructure projects.

The Cabinet meeting also approved the work procedure on investment in partnership. The work procedure would be used to make effective the infrastructure development to be carried out with the joint investment and coordination of three-tier of government. Even the province and federal governments invest in the pride project of any local level, the Spokesperson of the government added.

The government also decided to deport the foreigners living in Nepal illegally for long.

It was decided to appoint Uddhav Prasad Timilsina as the Chairman of High Powered Bagmati Civilization Integrated Development Committee.