22 June 2020

CDC Group establishes presence in Nepal

CDC Group Plc, the UK’s impact investor for Africa and South Asia, welcomes Rabi Rayamajhi as Country Representative for Nepal.

Rabi joins CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rabi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. Rabi started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.

Rabi will be based at CDC’s representative office in Kathmandu, where he will work closely with CDC teams across Asia.  He will help accelerate our commitment to invest more capital in Nepal, and support local businesses to advance their commercial success as they work to adopt internationally recognised environmental, social and governance standards. He joins CDC at a time of uncertainty as the pandemic is challenging the lives of people, communities and businesses across Nepal. As a committed long-term provider of flexible capital to the private sector, CDC has never been more important. With a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm’s response to the COVID-19 pandemic has three areas of focus: ‘preserve’, ‘strengthen’ and ‘rebuild’. CDC’s goal is to support the economic stability that will improve the lives of millions of people in Africa and South Asia, read more on its response framework here.

Srini Nagarajan, Head of Asia at CDC said:

“We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC’s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal’s economy.”

Rabi Rayamajhi, Country representative for Nepal, said:

“I am proud to be representing CDC in Nepal and supporting the execution of the organisation’s mission to bring about lasting development impact and widespread economic growth in Nepal. In only a short period of time, CDC’s commitment to Nepal’s finance and infrastructure sector has resulted in improved access and connectivity throughout the country. I am keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.”

Lisa Honan, Acting UK Ambassador and Country Director for DFID, Nepal, said: “I welcome a stronger presence for CDC in Nepal – this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is ‘open for business’. While the current COVID crisis has adversely affected Nepal’s economy, there are also opportunities for investments to help ensure Nepal’s recovery is resilient to future shocks and promotes green growth.  I hope CDC and others like them will seize these opportunities.”

Over the last 18 months we have made long term commitments to [three] businesses that will help economically support [thousands] of local people through jobs, products and services. We made a direct investment of a $15 million in NMB Bank, one of Nepal’s leading commercial banks. This was followed by a $12 million investment into Nepal’s leading internet provider WorldLink, and a subsequent $21.9 million investment into the Upper Trishuli-1 Hydroelectric Project, which will supply clean and reliable electricity to millions of Nepalese people.

ENDS

Read our recent post about investing in Nepal here.

Media Contact:

Toyosi Adebayo, CDC group, +44 788 037 2305 / tadebayo@cdcgroup.com

About CDC:

CDC Group is the UK’s first impact investor with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in South Asia and Africa.

CDC is a leading player in the fight against climate change and a UK champion of the UN’s Sustainable Development Goals – the global blueprint to achieve a better and more sustainable future for us all.

The company has investments in over 1,200 businesses in emerging economies and a total portfolio value of £5.8bn. This year CDC will invest over $1.5bn in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people.

CDC is funded by the UK Government and all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.

CDC’s expertise makes it the perfect partner for private investors looking to devote capital to making a measurable environmental and social impact in countries most in need of investment.