The fund hosted a closing event on the 20th of October, 2022 to showcase a comprehensive list of achievements of the COVID-fund with the ambition of inspiring the next iteration of a private sector-led blended finance-based SME-growth initiative that can be adapted to a non-crisis scenario.
The COVID Fund has disbursed 100 interest and collateral free loans to Small and Medium sized Enterprises (SMEs) across Nepal mobilizing debt capital in excess of NPR 170 million and provided business development support to 40 of these SMEs.The fund exceeded its target of saving 1000 jobs with 1949 jobs supported that included creation of 475 new jobs.
A panel discussion on Facilitating SME-led Private Sector Development was also organized with panelists representing key stakeholders – a DFI representative, DP representative and an entrepreneur to synthesize a way forward on how innovative financing modalities such as blended finance can be deployed in non-crisis scenarios where entrepreneurs/SMEs continue to face hurdles to growth and their growth and innovative potential remains constrained.
The event was attended by key decision-makers and strategic stakeholders of Nepal’s enterprise development ecosystem including representatives from donor partners, development financial institutions, financial institutions, association and the private sector.
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