Kathmandu, Oct 22: Different 22 Asian countries are set to officially sign a Memorandum of Understanding (MoU) to establish the Asian Infrastructure Investment Bank (AIIB) on Friday.
The finance ministers of this region are signing in the MoU in the presence of Chinese President Xi Jinping with an objective to increase investment especially in the infrastructure development of the Asian nations. Nepal is also one of the founding members of the Bank.
Minister for Finance Dr Ram Sharan Mahat on Wednesday left for Beijing, China, to sign the MoU from Nepal. He is accompanied by Joint Secretary Madhu Kumar Marasini.
The Bank is prepared to be set up and brought into operation by 2015. The main office of the Bank in which China will have major contribution is agreed to keep in Beijing, according to the Ministry. Dr Mahat is scheduled to return home on Saturday.