Banking News – Nepal has been elected to the position of Vice Chair of the Asian Infrastructure Investment Bank (AIIB). On the occasion of the 11th Annual Meeting of the Bank’s Board of Governors underway in Doha, the capital of Qatar, Nepal has been elected to the position of Vice Chair for the non-regional member countries for the coming year. According to AIIB’s organizational structure, there is a provision for one President and Vice Chairs from regional and non-regional member countries. This time, along with Nepal, Ireland has also been elected as Vice Chair.

On the occasion of the annual meeting, Finance Minister and Nepal’s Governor for AIIB, Dr. Swarnim Wagle, formally assumed the responsibility. Addressing the Governors’ Business Round Table organized on the second day of the meeting, Finance Minister Wagle emphasized that capital formation through infrastructure is a major source of economic growth for less developed countries.

He pointed out the need to expand investment in major means of production such as roads, electricity, communication, and information technology, and stated that the bank’s investment should be made maximally concessional to match the needs of developing countries like Nepal. He also expressed the view that finance should be made available in a manner that attracts domestic and foreign private capital.