Business / Economy

ADB to work together with China-proposed AIIB

(Xinhua) Updated: 2014-08-16 10:12

KATHMANDU - Vice-president of Asian Development Bank (ADB) Zhang Wencai said on Friday that the ADB was ready to work together with China proposed Asian Infrastructure Investment Bank (AIIB).

The visiting ADB vice-president said as there was a huge infrastructure deficit in Nepal and the whole South Asian region, efforts from single development partner would hardly bring about concrete changes and all the concerned agencies should work together to fulfill the existing infrastructure gap.

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"The China proposed bank will not be substitute but will be compliment to ADB and other development partners," he said at a press conference organized by ADB Nepal Mission in Kathmandu.

"We will work together with the China invested bank," Zhang said, adding that as there is immense need of money to be invested for infrastructure projects, the donor partners should work together in funding.

"I am sure that the new China proposed bank will also work together with all of us (concerned donor agencies) to help Nepal achieve higher, sustainable and inclusive growth by minimizing the existing infrastructure gap here," he said.

Zhang's remarks came at a time when the Nepal government has begun working towards getting the founding membership of the bank.

On Aug 6, Nepal's Finance Minister Dr Ram Saran Mahat went to China to discuss with Chinese government authorities including finance and commerce ministers.

According to Nepal's Council of Ministers, the membership will help the Himalayan country to get soft loans for funding huge infrastructure projects which the local banks and financial institutions have been failing to do.

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