The Koshi Province government has officially launched the Udaya project, a major initiative aimed at promoting entrepreneurship and supporting small and medium enterprises (SMEs), with the financial and technical support of the Swiss government.
The project is expected to pave the way for economic growth and generate employment across the province. According to officials, Udaya will provide business development services through certified service providers and facilitate access to finance, capacity building, and market information for local enterprises.
A key component of the project includes a credit guarantee fund of Rs 600 million, intended to help secure loans worth up to Rs 8 billion. Additionally, a Challenge Fund of Rs 280 million has been allocated to enhance the competitiveness and promotional capabilities of SMEs.
The initiative also plans to launch an information portal to provide relevant market-related data. Under the scheme, loans ranging from Rs 3 million to Rs 30 million will be made available without requiring collateral. The selection process for partner banks is currently underway.
According to the Koshi Province government, Udaya aims to bolster the economic foundation of the province by fostering entrepreneurship and supporting existing and new enterprises. A comprehensive implementation procedure has been prepared and is currently being executed.
The project will initially be rolled out in all 14 districts of the province. It aligns with the provincial government’s broader policy of encouraging SME growth and facilitating the establishment of new industries.
The provincial government has committed to mobilizing approximately Rs 8 billion under its credit guarantee framework. In the first phase, which spans four years, the project aims to create 3,000 jobs across the province.
Bishnu Kafle, Chief of Enterprise Development for the project, shared that Udaya is designed to run for 10 years, further emphasizing its long-term commitment to economic development in the region.
Udaya is a bilateral initiative between the Government of Nepal and the Government of Switzerland, implemented by the Ministry of Economic Affairs and Planning of Koshi Province, with technical assistance from DAI.
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