Bhaktapur, March 18 : The first of its kind in the country, Chagunarayan Municipality in Bhaktapur district has started a scheme to provide collateral free loan for entrepreneurship development by targeting the youth for creating self-employment.    

A total of 300 beneficiaries would get Rs 300,000 interest-free cash to advance their projects. An agreement regarding the initiative was signed on Wednesday between the Chagunarayan Municipality and Nepal Bank Limited.    

The selected beneficiaries would get training from the National Youths Council on entrepreneurship development.    

After the training, Nepal Bank Limited would provide Rs 300,000 to each participant based on the recommendation of the municipality by considering their business proposal. The municipality would pay the total amount of the interest, municipality's information officer Siddhanta Neupane said.   

On the occasion, Deputy Chief Executive Officer of the Bank, Prakash Adhikari, said that the bank would provide collateral free loan to the beneficiaries with due process after accessing the documents of entrepreneurship development and the recommendation from the municipality.