Kolkata, Nov 16 Credit rating agency ICRA Monday signed a pact with Himalayan Infrastructure Fund Ltd of Nepal to set up a joint venture to replicate its rating businesses in that country, the company said.

"The view that a credit rating agency must be integral to the reforms process has gained foothold in Nepal. We see our joint venture as both promoting the idea and benefiting from it," said ICRA vice chairman and chief executive P. K. Choudhury in a statement.

ICRA, which will hold the majority stake in the joint venture, will set up a representative office in Nepal's capital Kathmandu, where the agreement was signed.

"The proposed joint venture is an important initiative for growth and professionalising the financial system in Nepal," said Himalayan Infrastructure Fund chairman Prithivi Pande. (IANS)