Prabhu Bank obtained a $5-million loan from Luxembourg to invest in EVs

KATHMANDU: Prabhu Bank Limited has obtained a five-million-dollar loan from Luxembourg.

The bank borrowed $5 million from MSME Enterprises Bond SA in Luxembourg to invest in electric vehicles.

Today, on World Environment Day, the bank obtained a $5 million loan for a four-year period to invest in electric vehicles under green investment.

The bank intends to use the funds to purchase and import electric vehicles for public transportation and personal use. ‘This sum would be spent on the import of electric vehicles and their financing,’ said Ashok Sherchan, the bank’s chief executive officer.

Prabhu Bank has stated that it is also taking steps to collaborate with other international organizations in order to promote alternative energy business.

This project, according to the bank, will be significant in the near future.