Nepal to Provide Startup Subsidised Loans, Boost Youth Entrepreneurship ➤

Nepal to Provide Startup Subsidised Loans, Boost Youth Entrepreneurship

President Ramchandra Paudel unveils plans to empower 1,000 young entrepreneurs in FY 2024/25 with subsidized loans and collaboration with academia and private sectors

President Ramchandra Paudel has revealed an ambitious plan to bolster Nepal’s entrepreneurial landscape in the upcoming fiscal year 2024/25. The government aims to provide subsidized loans to 1,000 young individuals venturing into startup businesses, fostering innovation and economic growth. This announcement was part of the policy and program presentation for the coming year.

The initiative underscores a strategic partnership between the government, academic institutions, and the private sector to nurture a thriving ecosystem for innovation and business development. President Paudel emphasized the importance of collaboration to unlock the full potential of Nepali youth in driving economic progress.

Moreover, the government plans to establish business incubation centers across all seven provinces, amplifying support for startups and small-scale enterprises. These centers will serve as hubs for nurturing talent, providing mentorship, and facilitating access to resources critical for business success.

Additionally, the policy and program highlight a concerted effort to harness the entrepreneurial spirit of Nepali youth returning from foreign employment. By leveraging their skills and experiences, the government aims to cultivate a dynamic entrepreneurial culture rooted in local and traditional expertise.

President Paudel’s vision encompasses not only financial support but also comprehensive measures to empower aspiring entrepreneurs, tap into untapped potential, and stimulate economic diversification.