AIIB elects Nepal in board of directors

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Kathmandu, Jan. 17 (ANI): Nepal has been elected to the board of directors of the Asian Infrastructure Investment Bank (AIIB).

The decision in this regard was taken during the ongoing meeting of the AIIB in Beijing, China.

Altogether 11 countries, nine from Asia and two from outside the region, have been nominated as members of the board.

Nepal’s Finance Minister Paudel hailed the AIIB’s launch as a timely and wise decision.

The AIIB is expected to lend $10 billion to $15 billion a year for the first five or six years and will start operations in the second quarter of 2016.

Nepal was one of the original 22 signatory countries to the Memorandum of Understanding on establishing the bank over an year ago. (ANI)

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