24 applications worth Nu 65.59 mn approved by National Credit Guarantee Scheme so far

The 1st National Credit Guarantee Committee (NCGC) meeting was conducted virtually during the lockdown period. The NCGC is chaired by Finance Minister as the apex decision making body for the NCGS.

As per the first NCGC meet report, 24 applications worth Nu 65.59 mn across sectors of agriculture, production, manufacturing and service have been approved out of around 150 applications received by the National Credit Guarantee Scheme office.

Given that it was the first time for many of the applicants, reportedly most of the non-approved projects are either because of incomplete documentations or not under eligible sectors which are as per the eligibility criteria on the NCGS website.

Through the conduct of the meeting, projects have been approved but it is yet to be ready for disbursement. The office is said to pursue with the same after the lifting up of lockdown.

The Sonam Penjor, Head, Support Facility, NCGS said, “We believe this as purposed, will help in reviving investments.”

He added that there are already a number of applications received at the partner banks, yet to be assessed, due to the lockdown.

He said that due to the lockdown the new applications could not be received but the ones which had been received before have been assessed by the banks and right after the lockdown, processing for approvals will continue as usual.

He said, “The foundation has been laid in the most competent manner and the partner banks have also been very supportive of this initiative of the government, thus there have been neither delays or challenges faced as of now.”

The office has thus far entertained about 5,000 queries including walk-ins, telephonic conversation and on social media.  

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