KATHMANDU: Finance Minister and AIIB Governor of Nepal Dr. Swarnim Wagle and Chairman of AIIB Zhou Jiayi met in Doha today to attend the 11th annual meeting of the Asian Infrastructure Investment Bank (AIIB) Governor’s Council.

During the meeting held in Doha, Qatar, Finance Minister Swarnim Wagle urged ADB President Zhou Jiayi to expand AIIB investment in Nepal, rebuild reconstruction after natural disaster and expand concessional financial access.

During the meeting, AIIB President Zhou expressed deep condolences for the human and physical losses suffered by Nepal due to the recent devastating floods in the Bhotekoshi River.

He pledged to provide all possible support from the bank for the resilient post-disaster reconstruction. Chairman Zhou Bank will provide grant assistance for project preparation through the Project Preparation Specialized Fund. He also expressed the view that the loan provided by AIIB to Nepal can be maintained at maximum concessional interest rate by using the grant under the Specialized Fund Window. He also reiterated the commitment to further cooperate for the economic development of the founding member of the AIIB.

The Finance Minister congratulated the new Chairman Zhou and thanked the bank for the support it has been providing to Nepal as a founding member. He urged the government to expedite the completion of the study of the Electricity Distribution System Improvement and Expansion Project and the Express Road, which are currently being implemented with the investment of the AIIB. He also expressed sorrow over the damage caused by the floods at the Upper Trishuli-1 Hydropower Project, which is funded by the Bank.

On the occasion, Finance Minister Dr Wagle urged the banks to mobilize their own resources as well as those of other donor agencies for the development of green energy, cross-border transmission lines, road infrastructure and digital infrastructure under mid-term and long-term cooperation.