Nepal to seek funding from AIIB to implement mega projects

Kathmandu January 20- Nepal will soon approach Asian Infrastructure Investment Bank (AIIB) for funding support to implement mega projects.

Finance Minister Bishnu Prasad Paudel, while talking to media persons upon his arrival from China at Tribhuvan International Airport yesterday, said that the government will soon submit the list of projects to the AIIB, being mindful of bridging the infrastructure gap to graduate to the league of developing countries by 2022 and middle-income countries by 2030.

The country can receive the fund for selection and preparation of projects from the AIIB, as the government of China has announced to chip in additional $50 million in the bank to support least developed countries (LDCs) in project selection and preparation.

“We will submit the names of the projects related to hydropower generation, installation of transmission lines and some strategic road networks to AIIB,” said the finance minister.

“North-south road networks — Koshi corridor, Karnali corridor and Kaligandaki corridor — could be developed with support from the AIIB.” The Koshi corridor links northern neighbour from Kimathanka of Sankhuwasabha, Karnali corridor from Hilsa of Humla district and Kaligandaki corridor from Korala Pass-Jomsom.

Finance Minister also floated names of some hydropower projects — Nalsing Gad, Lower Arun and Tamakoshi III — that could be developed through AIIB’s funding.