Asian Infrastructure Investment Bank agreement signed

Beijng, June-30 Asian Infrastructure Investment Bank's articles of association has been signed yesterday . The bank chief executive in Beijing including 37 Asian countries along with Nepal on Monaday  formally signed the statement.

Chinese President Xi Jinping and finance Minister Ram Sharan Mahat on behalf of Nepal will sign the agreement today. After signing the agreement Nepal will become a founding member of the bank. The Headquartered of the bank will remain in Beijing with paid-up capital US $ 1 billion.

"The main objective of the bank is to to provide support and uphold the poor nations which lack economic and social development of the country due to lack of infrastructure" quoted Minister Mahat before leaving for Beijing.

Nepal will have a share of 0.08 percent,China holds a 30.34 percent share and is the largest shareholder, followed by India (8.52 percent) and Russia (6.66 percent). These three countries will have 26.06 percent, 7.5 percent and 5.92 percent voting rights respectively in the bank.

Foreign investment, especially in large scale infrastructure is expected to benefit greatly from the bank on harnessing Nepal, Nepalese ambassador for china Mahesh Maskey said.