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Nepal plans bank for migrant laborers

Nepal’s government is planning to establish a separate financial institution to provide easy banking services to migrant workers and their dependent families. Suresh Man Shrestha, secretary at the ministry of labor and employment, said the government would soon initiate discussions with the private sector for establishing a labor bank. The government had announced to open a separate financial institution for migrant workers in the common minimum program unveiled recently. Such financial institutions should provide low-interest loans and financial services for migrant workers, Shrestha said, adding such institutions can be set up in public private partnership. He said the Labor Bank can facilitate migrant workers in different ways. It could use remittances sent by migrant workers in productive sector.

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