Kathmandu— Nepal's Ministry of Finance has announced a plan to offer subsidized loans of up to Rs 5 million to the families of individuals who died or were injured during demonstrations referred to as the ‘Gen-Z Uprising’ in September of last year, with the goal of supporting self-employment and entrepreneurship. The initiative was formalized through amendments to existing financial procedures, authorizing concessional loan arrangements for affected families. Loans will be available for a range of business ventures including agriculture, small industries, tourism, and IT startups, subject to government certification of eligibility.

Loan Details and Eligibility

The Ministry of Finance issued the ‘Procedures on Interest Subsidy for Concessional Loans (Second Amendment), 2083’ on Friday, outlining the details of the program. The amendments were made under the authority granted by Clause (65)(4) of the Financial Procedures and Fiscal Accountability Act, 2076 BS. Eligible recipients include husbands, wives, sons, daughters, fathers, or mothers of those who died during the protests, as well as individuals injured in the demonstrations themselves.

Approved Business Sectors

Concessional loans can be used to establish businesses within several key sectors, according to the procedures. These include agriculture and livestock farming, cottage and small industries, service-based businesses, information technology ventures, tourism enterprises, productive industries, startup companies, and other employment-generating activities as designated by the government. The initiative aims to economically empower those affected by the Gen-Z movement through self-employment opportunities.

The revised procedures broaden the scope of existing concessional loan programs, reflecting a commitment to supporting families impacted by last year’s protests.

(With inputs from RN)

Originally published on abcnews.com.np.