KATHMANDU, Dec. 29 (Xinhua) — Nepal’s parliament has ratified the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), enabling the country to become a founding member of the new bank, a senior official said on Tuesday.
“Parliament ratified the Articles of Agreement of the Asian Infrastructure Investment Bank. Now Nepal has legally become an AIIB founding member,” said Madhu Marasini, chief of the international economic cooperation and coordination division at the Finance Ministry.
The China-initiated development bank, which was formally established last Friday, has been considered as a milestone in the reform of the global economic governance system as well as in the infrastructure development in the Asia-Pacific region.
Nepal has got a total 809 shares in the bank whose initial paid up capital is 50 billion U.S. dollars with an authorized capital of 100 billion U.S. dollars, according to Nepal’s Finance Ministry.
The ministry said that Nepal has to contribute 16.1 million U.S. dollars in the bank’s paid up capital in 10 installments.
Nepalese officials and experts agree that the bank has opened a new avenue for Nepal to get funding for its infrastructure needs.