KATHMANDU, Dec 27: Minister for Finance Bishnu Prasad Paudel presented the articles of association (AoA) that the government signed to become a founding member of Asian Infrastructure Investment Bank (AIIB) for approval in the parliament on Sunday.
Nepal is one of the founding members of the AIIB that was established with an initial authorized capital of US$ 50 billion. The Beijing-headquartered lender aims to fund energy, transport and infrastructure projects in Asia. The authorized capital will eventually be raised to $100 billion.
A given country's share in the bank has been fixed in proportion to the GDP of that country. Nepal will have a share of 0.08 percent, or $89 million (Rs 8.27 billion), in the newly established bank.
Former Finance Minister Ram Sharan Mahat had signed the AoA in June amid a grand ceremony held at the Great Hall of the People in Beijing.