KATHMANDU, Sept 3: Nepal Investment Bank (NIB) and China Development Bank (CDB) last week signed a Memorandum of Understanding (MoU), according to which the CDB will provide financial support to the projects recommended by NIB to promote Nepal´s economic development.
Chairman and Chief Executive Director of NIB Prithivi Bahadur Pande and Governor of CDB signed the MoU on behalf of their respective organizations on August 27, says a press release issued here on Thursday.
Going by the understanding, NIB will provide necessary support for the participation of CDB in the investment and project financing in Nepal and CDB will also reciprocate NIB with similar support -- enabling it to partcipate in the investment and project financing in China.
The two banks have also agreed to set up a long-term cooperation relationship in areas like development planning and research, financial cooperation, project cooperation, financial consultancy, credit grant and currency, among others.
The NIB hopes that the agreement will promote expansion of bilateral economic and trade relationship between the two countries and help Nepal realize its development goals.