Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has approached the International Finance Corporation (IFC) to seek assistance in overcoming Nepal's economic challenges and enhancing financial accessibility. The FNCCI emphasized the need for IFC's support in promoting small and medium-scale industries, infrastructure development, and improving the investment climate in the country.

During a meeting with Susan M. Lund, IFC Vice President for Economics and Private Sector Development, FNCCI President Chandra Prasad Dhakal highlighted Nepal's current economic issues, particularly the impact of the post-COVID-19 situation on the private sector. The government's revenue has decreased by approximately 13 percent, and inflation has eroded people's purchasing power, adding to the economic slowdown.

In response to the FNCCI's request, the IFC Vice President expressed the organization's readiness to cooperate in promoting the private sector in Nepal. The IFC, as part of the World Bank Group, is dedicated to supporting the private sector in developing countries and is well-positioned to provide assistance.

The FNCCI, in collaboration with the IFC, organized a report on the contribution of the private sector to the economy and held a conference for small and medium-scale entrepreneurs. The IFC Vice President appreciated the initiatives taken by FNCCI, such as the development center and skill development programs for small-scale entrepreneurs, acknowledging their importance.

During the meeting, Senior Vice-President of FNCCI, Anjan Shrestha, highlighted the need to make the market more dynamic as many industries are currently operating at low capacity. Moreover, Vice-Presidents Hemraj Dhakal and Jyotsana Shrestha stressed the importance of improving the tax system and promoting goods' comparative advantages for Nepal.

Additionally, President of Investment and International Affairs Forum of FNCCI, Manoj Poudel, emphasized the necessity for policy-level reforms to encourage investment expansion in Nepal.

Overall, the FNCCI's engagement with the IFC is aimed at addressing economic challenges, boosting the private sector, and enhancing infrastructure development in Nepal. With the IFC's support, Nepal aims to overcome its economic hurdles and create a more conducive environment for businesses and investment in the country.