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ADB, Laxmi Bank Sign Partnership Agreement to Support Trade in Nepal

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The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Laxmi Bank Limited, a leading bank in Nepal, today signed an agreement to provide guarantees to support trade in the country.

“We are delighted that Laxmi Bank has joined the Trade Finance Program as the latest issuing bank member at a time of resurgent economic growth in Nepal,” said ADB Investment Specialist and Relationship Manager for Nepal Ms. Janet Hyde. “This new facility will assist with the country’s reconstruction efforts by supporting trade flows into the country, especially those involving small and medium-sized enterprises (SMEs).” 

ADB’s TFP has been operating in Nepal since 2009 and currently works with 2 local partner banks. To date, the program has conducted more than 200 transactions in Nepal, supporting $82 million in trade, and benefiting more than 80 SMEs in a wide range of sectors including agricultural commodities, construction materials and machinery, solar panels, and textiles.  

“Laxmi Bank is pleased to join ADB’s Trade Finance Program as the third member bank from Nepal after completion of on-site and off-site due diligence of our financials, asset quality, and operations,” said Laxmi Bank’s Chief Executive Officer Mr. Ajaya Shah. “Laxmi Bank is already a major provider of trade finance services for Nepali SMEs, corporates, institutions, and infrastructure projects. Access to this new facility will further strengthen our ability to conduct large value or complex international trade transactions. We believe this will directly benefit our clients by enhancing their acceptance in the international market especially at a time when the country is pursuing economic growth led by private sector investments in national priority sectors.”

Backed by ADB’s AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s TFP has supported more than 15,000 SMEs across developing Asia—through over 21,000 transactions valued at over $36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.

In 2018, TFP grew almost 40% to support $6.2 billion in trade through 4,470 transactions. TFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and initiatives to fight crime through greater transparency in the global financial system. TFP also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.

Laxmi Bank, established in 2002, serves a wide range of customers through its branches and a host of IT-enabled channels. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines—retail, midmarket, corporate, infrastructure, and treasury. The bank is widely recognized as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems, and a strong technology focus. Laxmi Bank’s network includes 110 branches across 48 districts, 2 extension counters and 4 hospital service counters, 131 ATMs, 2,500 remittance agents, and 58 branchless banking agents spread across the country.

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‘Global solidarity’ needed, to find affordable, accessible COVID-19 vaccine

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In the race to end the coronavirus pandemic, the UN chief reminded a virtual medical conference on Thursday that “a vaccine, by itself, is not enough”.  

“We need global solidarity to ensure that every person, everywhere, has access”, Secretary-General António Guterres said in a video message to the Global Vaccine Summit, convened to find and fund collective solutions for COVID-19-related vaccines and to strengthen routine immunization commitments and resources for other preventable diseases. 

COVID-19, the greatest public health crisis of the generation, has skyrocketed vaccines to the top of the global agenda.

‘Lifesaving miracle’

As “the most important public health intervention in history”, Mr. Guterres credited the “lifesaving miracle” of vaccinations, for saving tens of millions of lives each year, eradicating smallpox and preventing outbreaks of diseases like measles, rubella and tetanus.  

He maintained that a COVID-19 vaccine must be seen as “a global public good – a people’s vaccine”.

The UN chief lauded the “incredible work” of GAVI, the vaccine alliance, and its partners in allowing people of all ages and income levels throughout the world to access vaccines.  

“The United Nations is proud to be part of this effort towards universal health coverage”, he upheld, reiterating its commitment to being part of the next phase, “because there is still much work to do”. 

Against the backdrop of 20 million children missing their full complement of vaccines and one-in-five having received no vaccines at all, Mr. Guterres pointed out that under the shadow of COVID-19, “their plight is even more desperate”. 

He painted a picture of halted immunization campaigns and broadening gaps in global vaccine delivery.

Three commitments required

The Secretary-General appealed for three main commitments, beginning with finding safe ways to continue delivering vaccinations, “even as COVID-19 spreads”.  

Secondly, he asked that vaccine-delivery networks be used to deliver a range of other primary health services.  

And finally, when the COVID-19 vaccine does become available, that it reaches everyone.

“Disease know no borders”, concluded the UN chief, “that is why a fully funded GAVI will be critical to ensure we continue to progress towards the Sustainable Development Goals (SDGs)”. 

World leaders chime in

Chaired by the United Kingdom, leaders from around the world outlined their latest thinking during the summit, on the need for, and progress towards, an equitable vaccine

“Vaccines work, and 86 per cent of the world’s children have been reached by routine immunization”, said Canadian Prime Minister Justin Trudeau. “In the midst of a global pandemic it has never been more important to build capacity to respond to disease outbreaks and work with organizations to deliver vaccines”.

The King of Jordan, Abdullah bin Al Hussein, called guaranteed equal access “not only the moral and just approach, it is also in the interest of the entire international community… It is our responsibility as an international community to make sure the most vulnerable are not left behind”.

Egypt’s President, Abdel Fattah al-Sisi, maintained that it was “pivotal” not to allow the pandemic to affect the importance of fighting other infectious diseases or “to exert collective efforts to resume immunization campaigns against vaccine-preventable diseases”. 

Ethiopia President, Sahle-Work Zewde, underscored the importance of inoculations by saying that her country had boosted routine immunization from 30 per cent in 2000, to 72 per cent today, spelling out that “since 2018, 1.1 million girls have been spared from the scourge of cervical cancer due to the introduction of the HPV vaccine”.

Chancellor Angela Merkel stressed Germany’s continued support, saying, “We want to increase the chance for more than 300 million young people to have a healthy life. We are talking about 300 million individual lives – not just a number.”

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Asian countries urged to honour right to freedom of expression, over pandemic fear

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The United Nations High Commissioner for Human Rights, Michelle Bachelet, addresses the 41st Session of the Human Rights Council in Geneva on 24 June 2019. UN Photo/Jean Marc Ferre

A dozen countries in the Asia-Pacific region have seen an alarming clampdown on freedom of expression during the COVID-19 crisis, UN High Commissioner for Human Rights Michelle Bachelet said on Wednesday.

In her appeal to authorities that any action they take to stop the spread of false information should adhere to the principles of legality, necessity, proportionality, Ms. Bachelet said that “in these times of great uncertainty”, citizens had a right to voice their concerns.

Opinions must be heard

“Medical professionals, journalists, human rights defenders and the general public must be allowed to express opinions on vitally important topics of public interest, such as the provision of health care and the handling of the health and socio-economic crisis, and the distribution of relief items,” she said.

From Bangladesh to Vietnam and from Myanmar to the Philippines, the High Commissioner detailed how people had been fined, arrested or attacked for allegedly spreading misinformation online about COVID-19 or for criticizing their Government’s response.

In Cambodia, Ms Bachelet noted that UN Human Rights Office (OHCHR) had documented multiple arrests – including that of a 14-year-old girl – for public comments and social media posts about the pandemic.

“A number have been charged with spreading so-called ‘fake news’ or ‘false information’, alleged incitement to commit a felony, and for allegedly plotting against the Government,” the High Commissioner said.

According to the UN human rights office, 14 individuals remain in detention, including 10 associated with the Cambodia National Rescue Party (CNRP), the main opposition party that was dissolved in 2017.

Countries already have ‘fake news’ laws

More generally, the High Commissioner noted that many of the countries she highlighted already had laws to stop alleged “fake news” and online media that raised human rights concerns.

This legislation had also been used in other contexts to deter legitimate speech, especially public debate, criticism of government policy and suppress freedom of expression, she added.

In Myanmar, the Kayin State Court had convicted and sentenced to two years’ imprisonment the chief editor of the Dae Pyaw News Agency, on charges of wrongly publishing an article stating that one person died from the virus, the High Commissioner said.

He was arrested, charged, tried, and convicted in under one week after being accused of making a “statement that could cause or incite public fear or mutiny”.

While recognising the need to restrict misinformation or disinformation to protect public health – or incitement of hatred towards minority groups – this should not result in censorship, either purposeful or unintentional, Ms. Bachelet insisted.

“While Governments may have a legitimate interest in controlling the spread of misinformation in a volatile and sensitive context, this must be proportionate and protect freedom of expression”, she said.

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The Great Reset: A Unique Twin Summit to Begin 2021

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“The Great Reset” will be the theme of a unique twin summit to be convened by the World Economic Forum in January 2021. The 51st World Economic Forum Annual Meeting will bring together global leaders from government, business and civil society, and stakeholders from around the world in a unique configuration that includes both in-person and virtual dialogues.

“We only have one planet and we know that climate change could be the next global disaster with even more dramatic consequences for humankind. We have to decarbonize the economy in the short window still remaining and bring our thinking and behaviour once more into harmony with nature,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

“In order to secure our future and to prosper, we need to evolve our economic model and put people and planet at the heart of global value creation. If there is one critical lesson to learn from this crisis, it is that we need to put nature at the heart of how we operate. We simply can’t waste more time,” said HRH The Prince of Wales.

“The Great Reset is a welcome recognition that this human tragedy must be a wake-up call. We must build more equal, inclusive and sustainable economies and societies that are more resilient in the face of pandemics, climate change and the many other global changes we face,” said António Guterres, Secretary-General, United Nations, New York.

“A Great Reset is necessary to build a new social contract that honours the dignity of every human being,” added Schwab “The global health crisis has laid bare the unsustainability of our old system in terms of social cohesion, the lack of equal opportunities and inclusiveness. Nor can we turn our backs on the evils of racism and discrimination. We need to build into this new social contract our intergenerational responsibility to ensure that we live up to the expectations of young people.”

“COVID-19 has accelerated our transition into the age of the Fourth Industrial Revolution. We have to make sure that the new technologies in the digital, biological and physical world remain human-centred and serve society as a whole, providing everyone with fair access,” he said.

“This global pandemic has also demonstrated again how interconnected we are. We have to restore a functioning system of smart global cooperation structured to address the challenges of the next 50 years. The Great Reset will require us to integrate all stakeholders of global society into a community of common interest, purpose and action,” said Schwab. “We need a change of mindset, moving from short-term to long-term thinking, moving from shareholder capitalism to stakeholder responsibility. Environmental, social and good governance have to be a measured part of corporate and governmental accountability,” he added.

This innovative summit will be a very different Annual Meeting, reflecting the spirit of the Great Reset. It will provide a unique opportunity at the beginning of 2021 to bring together the key global government and business leaders in Davos, yet framed within a global multistakeholder summit driven by the younger generation to ensure that the Great Reset dialogue pushes beyond the boundaries of traditional thinking and is truly forward-oriented.

To do so, the World Economic Forum will draw on thousands of young people in more than 400 cities around the world (the Global Shapers Community) who will be interconnected with a powerful virtual hub network to interact with the leaders in Davos. Each of those hubs will have an open house policy to integrate all interested citizens into this dialogue, making the Annual Meeting open to everyone. In addition, global media and social media networks will mobilize millions of people, enabling them to share their input while also providing them with access to the Annual Meeting discussions in Davos.

The announcement of the Great Reset was made by HRH The Prince of Wales and Professor Schwab during a virtual meeting, followed by statements by UN Secretary-General António Guterres and IMF Managing Director Kristalina Georgieva.

Their statements were supported by voices from all stakeholder groups of global society, including Victoria Alonsoperez, Founder and Chief Executive Officer, Chipsafer, Uruguay, and a Young Global Leader; Caroline Anstey, President and Chief Executive Officer, Pact, USA; Ajay S. Banga, Chief Executive Officer, Mastercard, USA; Sharan Burrow, General Secretary, International Trade Union Confederation (ITUC), Brussels; Ma Jun, Chairman, Green Finance Committee, China Society for Finance and Banking, and a Member of the Monetary Policy Committee of the People’s Bank of China; Bernard Looney, Chief Executive Officer, bp, United Kingdom; Juliana Rotich, Venture Partner, Atlantica Ventures, Kenya; Bradford L. Smith, President, Microsoft, USA; and Nick Stern, Chair, Grantham Research Institute on Climate Change and the Environment, United Kingdom.

In the run-up to the Annual Meeting, the Forum will host a virtual series, The Great Reset Dialogues. These dialogues are a joint initiative of the World Economic Forum and HRH The Prince of Wales. Contributions to the Great Reset will also be invited through UpLink, the World Economic Forum’s digital platform to crowdsource innovations for the Sustainable Development Goals.

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