Nepal elected vice-president of Asian Infrastructure Investment Bank

Nepal has been elected vice-president of the multilateral development bank, the Asian Infrastructure Investment Bank (AIIB).

Nepal was named vice-president representing non-regional member countries for the coming year during the bank's 11th Annual Meeting of the Board of Governors, currently underway in Doha, Qatar.

Under the bank's structure, there is one president and one vice-president each from the regional and non-regional member groups. This time, alongside Nepal, the European country Ireland was also elected vice-president from the non-regional member group.

Finance Minister and Nepal's Governor for AIIB, Dr. Swarnim Wagle, formally assumed the responsibility on the occasion of the annual meeting.

Addressing the Governors' Business Roundtable on the second day of the meeting, Finance Minister Wagle said that capital formation in infrastructure is a key basis for economic growth in less-developed countries. He expressed the view that investment should be broadened in basic production sectors such as roads, electricity, communications and information technology.