Chinese government agrees for smooth operation of northern border points-Finance Minister

Kathmandu / January 18: Minister for Finance Bishnu Poudel has said that the Chinese government has agreed to operate northern border points including Tatopani towards China in a smooth manner.

Finance Minister Poudel who returned home today after attending the inaugural ceremony of the Asian Infrastructure Investment Bank (AIIB) said that the Chinese government was well aware about the problems facing by Nepal of late and has taken the matter seriously.

He further said that after the inauguration he drew the attention of his Chinese counterpart Lou Jiyoi towards easy import of petro products from northern points and presented the ‘Mangolia Model of tax waiver.

During the meet, he also urged the Chinese government to spur investment for fuel import, developing physical infrastructure and increase Chinese investment and asked the Nepal-China high-level mechanism to have meeting in a routine manner.

Matters concerning the perspective high-level visits between the two countries were discussed in the meeting with the Chinese Finance Minister and in response he stressed on the need of advancing mutual relations on the issues having far-reaching importance by continuing the cooperation being extended to Nepal, Minister Poudel shared.

The Minister shared that In a meeting he urged AIIB President Jin Liqun to flow investment to Nepal in the areas of road infrastructure and electricity generation.

In response, the Bank President told Minister Poudel that the former had visited Nepal several times and shown serious concern over the infrastructure development in Nepal.

Finance Minister Poudel informed that the AIIB asked Nepal to come up with appropriate project and approach the Bank for funding in a way to start it from the year 2016.

On the occasion, Minister Poudel urged the Bank to invest for the construction of Mid-Hill Highway, North-South Highway, Kyirong Road, Kimathanka-Khandbari Road and various transmission lines.

Stating that the Budhigandaki, Nalsinghadh, Tamakoshi Third and Upper Arun projects are in a ready condition, he said he broached the subject to draw attention for investments in hydro power sector of Nepal.

During the Bank’s inauguration on January 16, ministers from 24 countries including representatives from 57 countries had taken part.

Addressing the inaugural session, Chinese President Xi Jingping announced a grant support in 50 billion dollars for investment in projects selected from the least developed countries.

The bank – which aims to invest in infrastructure development – has official capital of 100 billion dollars and $ 20 billion in capital for immediate use. Of the Bank’s 1 million points of shares, China holds 298,804 points which is the most among the countries.

Nepal has 0.0809 per cent points which translates to 809 points of shares. Nepal has the facility to make payment at the rate of Rs 160 million (US $ 1.6 million) every year in 10 years.

In course of the address, he underlined the importance of the establishment of the bank in up-gradation of the weak infrastructures and added that AIIB would move forward in adherence to a traditional approach than the other multi-purpose organizations.

Finance Minister Poudel expressed belief on behalf of Nepal that the bank would be supportive in Nepal’s goal of upgrading from the least developed countries’ rank by 2022 and becoming a country with medium level income by 2030.

The Bank’s Board of Governors meeting elected a 12-member Board of Directorate comprising nine representatives from Asian and Pacific regions, and three from non-Asian regions. Nepal has also been elected as the member of board of directors of the AIIB, according to the Minister. RSS