BUSINESS BRIEFS: IFC approves $6.9m loan to Buddha Air
KATHMANDU, July 18: IFC, World Bank´s private sector lending arm, is providing US $6.9 million in loans to Buddha Air. “The loan will enable Buddha Air to purchase ATR 72 aircraft, strengthening the company´s operation in the country,” IFC said in a statement on Wednesday.
Earlier in 2008, IFC had earlier extended loans worth $10 million to Budda Air for the procurement of two ATR-42 aircraft and to construct a closed-door hangar at Tribhuvan International Airport.
“IFC´s second investment in Buddha Air will help us consolidate our services in the region,” the statement quoted managing director of Buddha Air Birendra Basnet. Anita George, IFC´s Asia Director for Infrastructure and Natural Resources, said addressing the huge demand for infrastructure in Nepal is strategic priority for IFC.
Prabhu Money Transfer steps into 11th year
KATHMANDU: Prabhu Money Transfer has completed its 10 years of operation, a statement of the company said. The company has extended its office in India, Bangladesh, Pakistan, Qatar, Saudi Arabia during this period providing direct employment to 603 people.
According to the statement the company is serving more than 130,000 customers through its remittance service. “With the help of our network, customers can send money from any country of the world through Xpress Money service, SBI Bank India, Moneygram and Omnex and receive the money in Nepal at the desired branch office,” the statement said.