South Asian News Network

Kathmandu, Sept 28: Finance Minister Dr Swarnim Wagle, who is presently in Doha of Qatar to take part in the 11th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), met with AIIB President Zou Jiayi. During the meeting held on Sunday at the capital city of Qatar, the Finance Minister urged the AIIB leadership to expand its investment in Nepal, support post-disaster rebuilding efforts and increase Nepal’s access to concessional financing. The AIIB President expressed her deep sympathy over the significant loss of lives and property by the recent devastating floods in the Bhotekoshi-Trishuli river system and pledged all possible support from the AIIB for Nepal’s the post-flood reconstruction efforts. She said that Nepal would receive grant assistance under the AIIB ‘Project Preparation Special Fund’ to support projects preparations. She also said the bank would consider providing loans to Nepal at highly concessional interest rate by utilizing grants from the ‘Special Fund Window for Less Developed Members’. According to the Finance Minister’s Secretariat, the AIIB President also reaffirmed the bank’s commitments to further collaborating with Nepal, a founding member of the AIIB, for its economic development. On the occasion, the Minister congratulated Jiayi on her elections to the post and expressed gratitude for the AIIB support to Nepal. Finance Minister Wagle also called for the swift completion of AIIB-funded projects in Nepal, particularly the Electricity Distribution System Improvement and Expansion Project and the study for the expressway. He also expressed his concern over the damage caused by the recent Bhotekoshi-Trishuli floods to the Upper Trishuli-1 Hydropower Project, in which the AIIB has invested. Finance Minister Dr Wagle further requested the AIIB to mobilize both its own resources and funding from other development partners to support the development of green energy, cross-border power transmission lines, road infrastructure, and digital infrastructure under medium- and long-term assistance. Minister Wagle also called for the swift completion of AIIB-funded projects in Nepal, particularly the Electricity Distribution System Improvement and Expansion Project and the expressway study. The Finance Minister further requested the AIIB to mobilize both its own resources and funding from other development partners to support the development of green energy, cross-border electricity transmission lines, road infrastructure, and digital infrastructure as part of Nepal’s medium- and long-term development efforts. During the meeting, Minister Wagle also invited AIIB President Jiayi to visit Nepal by 2026.