Nepal Investment Bank Ltd (NIBL) and China Development Bank (CDB) signed a Memorandum of Understanding (MoU) recently to promote and realise the development goals and strategies of both the governments, expand bilateral economic and trade relationships and improve cooperation in the financial market and financing structures propelling the development and growth of important areas of cooperating as desired by both the governments.Nepal Investment Bank Ltd (NIBL) chairman and chief executive director Prithvi Bahadur Pande and China Development Bank (CDB) governor Jiang Chaoliang designed the MoU on August 27 on behalf of their respective organisations.
According to the MOU, CDB — by using the successful practices and experience of development finance in China — will provide financial support to projects recommended by NIBL to help promote Nepal’s economic development. NIBL will reciprocate by providing necessary support for participation of CDB in investment and project financing in Nepal. CDB will also provide necessary support for participation of NIBL in investment and project financing in China, according to the MoU that also states that both parties shall set up a long-term cooperation relationship and choose areas such as development planning and research, financial cooperation, project cooperation, financial consultancy, information exchange, credit grant, currency swap and other concerned areas of respective governments to implement the cooperation.
Source: THT
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