KATHMANDU: A task force has been formed on startup loan to be provided to young entrepreneurs at one percent interest rate on project collateral. The task force was formed at the Ministry of Finance on Sunday in a discussion with stakeholders.
The task force headed by Joint Secretary of the Ministry of Finance Mahesh Bhattarai has representatives from the Ministry of Industry, Commerce and Supplies and the National Planning Commission as well as the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI).
In the budget for the Fiscal Year 2021/22, it has been mentioned that seed capital loan of up to Rs.2.5 million. The government has established a challenge fund of Rs. 1 billion.
The Ministry of Finance is engaged in formulating procedures for the implementation of the program. Discussions have also been held on providing subsidy equal to three months minimum wage to trainee workers in manufacturing and service industries in partnership with the private sector to develop skilled manpower as per the needs of indigenous industries.
In the budget, Rs. 1 billion has been allocated for conducting workplace based training by providing a grant equal to three months minimum wage to the trainee workers in manufacturing and service industries in partnership with the private sector to develop skilled manpower as per the needs of indigenous industries.
The government plans to provide basic training to the trainee workers and ensure employment for at least two years in the same industry.
