The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal and the IFC Vice President for Economics and Private Sector Development Susan M. Lund, held a meeting at the FNCCI Secretariat in Teku, on Tuesday.

The meeting aimed to foster collaboration and discuss ways to navigate the present economic challenges and boost development opportunities for the small and medium enterprises (SMEs) in Nepal.

During the meeting, Dhakal emphasised the critical role of IFC's support in overcoming the current economic crises and propelling the growth of SMEs.

The discussions encompassed essential areas such as providing access to finance, hydropower and infrastructure development, and investment promotion.

Dhakal also acknowledged that the nation encountered economic hurdles due to a lack of adequate management following the Covid-19 pandemic, impacting both the private sector and the public.

People have borne the brunt of the economic slowdown.

Lund reaffirmed IFC's commitment to collaborating with FNCCI for the advancement of the Nepali private sector.

She expressed admiration for FNCCI's recent initiatives, such as the unveiling of a report highlighting the significant contributions of the private sector to Nepal's economy, as well as the successful organisation of a small and medium enterprises conference.

Lund lauded FNCCI's efforts in equipping SMEs with the necessary skills to thrive in a competitive market landscape.

Dhakal expressed concern over the impact of a challenging business environment given the government's lower revenue collection and the high inflation being faced by the public.

Acknowledging the crucial role of a conducive business environment, both FNCCI and IFC said they remain determined to work hand in hand to foster an atmosphere where the businesses can flourish, leading to a sustainable economic growth and prosperity for all.