Kathmandu, September 29: Nepal has been selected as a Vice Chairman of the Asian Infrastructure Investment Bank (AIIB). On the occasion of the 11th Annual Meeting of the AIIB Board of Governors currently being held in Doha, the capital of Qatar, Nepal was selected to serve as Vice Chairman representing the non-regional member countries for the coming year.
According to the AIIB’s organizational structure, there is one Chairman and one Vice Chairman each representing the regional and non-regional member groups. This time, Ireland was also selected as Vice Chairman from the non-regional member group alongside Nepal.
On the occasion of the Annual Meeting, Finance Minister and Nepal’s Governor to the AIIB, Swarnim Wagle, formally assumed the responsibility.
Addressing the Governors’ Business Roundtable held on the second day of the meeting, Finance Minister Wagle emphasized that capital formation through infrastructure development is a major source of economic growth for least-developed countries.
He stressed the need to expand investment in key means of production, such as roads, electricity, communications and information technology. He said the bank’s financing should be made as concessional as possible to match the needs of developing countries like Nepal. He also called for financing arrangements that could attract both domestic and foreign private capital.
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