International Finance Corporation (IFC), World Bank Group and SmartChoice Technologies (SCT) has entered into an agreement in World Bank Office on 9th June 2009. IFC has now become one of the equity holders of SCT with 19% investment. IFC and SCT have pledged to work together for further business expansion.
Mr. Per Kjellerhaug, Regional manager, IFC and Mr. Rabindra B. Malla, Chairman of SCT signed and exchanged the agreement documents. Mr. Rajeev Gopalan and Mr Nilesh Shrivastava, Investment Officer IFC and Mr. Samir Vajracharya, Chief Technology Officer from SCT were also present on the occasion.
On the signing occasion, Mr. Kjellerhaug said that company like SCT has impact on socio-economic development of the country and this is one of the reasons IFC has shown interest in joining hands with SCT. Whereas Mr. Malla said “The investment of IFC in terms of equity and technical support will enable SCT to go even further with new products and technologies” states the press release.