Kathmandu, September 29
Nepal has been selected as vice president of the Asian Infrastructure Investment Bank (AIIB).
Nepal was selected as vice president representing non-regional member countries for the coming year during the 11th annual meeting of the AIIB Board of Governors, currently underway in Doha, the capital of Qatar. Ireland has also been selected as a vice president alongside Nepal.
Under the AIIB’s organisational structure, the bank has one president and vice presidents representing regional and non-regional member countries.
Finance Minister and Nepal’s governor to the AIIB, Dr Swarnim Wagle, formally assumed the position during the annual meeting.
Addressing the Governors’ Business Roundtable held on the second day of the meeting, Minister Wagle emphasised that capital formation through infrastructure is a major source of economic growth for least-developed countries.
He stressed the need to expand investment in key means of production, including roads, electricity, communications and information technology. He said the bank’s investments should be made as concessional as possible to match the needs of developing countries such as Nepal.
Wagle also said financing should be provided in a way that attracts domestic and foreign private capital.
