ILFCO was initially established as a joint venture finance company with the Korean Industrial Leasing Co., Ltd. (KILC) which was founded as a subsidiary of the Korea Development Bank in 1972. On March 2 1999, KILC merged with Korea Technology Finance Corporation (KTFC) under the restructuring program initiated by the Korea Development Bank (KDB), a common major shareholder of both KILC and KTFC, and thus emerged KDB Capital Corporation after this merger. KDB Capital Corporation is the largest leasing company in the Republic of Korea and one among the top three largest leasing companies within the Asian Continent. It has been participating in the management of ILFCO through the provision of technical know-how as a foreign partner since the very inception of the company.
International Finance Corporation (IFC), a member of World Bank Group and one of the largest and renowned financial institutions in the world, has an equity participation in ILFCO. IFC was founded in January 1956 to encourage and promote private sector investment, both foreign and domestic, in developing member countries. On January 24 2001, IFC signed agreements with ILFCO and KDB Capital Corporation for its equity participation in ILFCO after the continued concerted efforts of all these corporate counterparts over the years and on August 13 2001, IFC made its investment in ILFCO by subscribing 220,000 shares. This corporate tie-up of ILFCO with IFC has enabled us to stand as one of the multinational financial institutions in Nepal.
The Asian Development Bank (ADB) and National Life and General Insurance Company (NLGI) acted as the Nepalese promoters in initiating together the project