Regional Development Bank to cooperate in the development of financial products for youth wishing to become self-employed

The Youth Employment Project (YEP) signed a Memorandum of Understanding (MoU) with Saptakoshi Development Bank (SKDBL) based in Morang district, Province 1, on 16th April 2019 with a validity up to 30 September 2019. SKDBL has shown keen interest in partnering with the project to improve the access to financial products for youth in Morang, Sunsari and Dhankuta districts who want to become self-employed.

Under this MoU SKDBL and the YEP will undertake joint activities such as market research for financial services required for the target group, evaluation and revision of current financial products of the bank to be more aligned with the needs of the target group and conducting financial literacy training for the target group. SKDBL will then also promote its financial services (savings, loans) among the target group. The promotion of the financial services will be piloted firstly among the trainees and graduates of YEP’s skills and entrepreneurship training programmes conducted in the districts and will then be scaled up.

Picture: Mr. Navin Subedi, Chief Executive Officer of SKDBL and Manfred Egger, Nepal Country Director of Swisscontact exchanging the MoU.