Nepal Investment Bank to support CDB in the investment and project financing in Nepal

Nepal Investment Bank Limited (NIBL) and China Development Bank (CDB) have signed a Memorandum of Understanding (MoU) to help promote Nepal’s economic development for mutual benefit.

Prithivi Bahadur Pandey, Chairman and Chief Executive Officer (CEO), NIBL and Jiang Chaoliang, Governor of CDB, signed the MoU on behalf of their respective organization.

A press statement issued by NIBL said that CDB by using the successful practices and experience of development finance in China will provide financial support to the projects recommended by NIBL.

NIBL will provide necessary support for participation of CDB in the investment and project financing in Nepal.

According to the agreement, CDB will provide necessary support for participation of NIBL, in the investment and project financing in China.

As per the agreement, both parties should set up a long term cooperation relationship, project cooperation, financial consultancy, information exchange, credit grant, currency swap and other concerned areas of respective governments to implement the cooperation.

NIBL said that the purpose of MoU was to promote and realize the development goals and strategies of Nepalese and Chinese governments, to expand bilateral economic and trade relationship, to improve cooperation in financial market and the financing structures and thus propelling the development and growth of important areas of cooperating as desired by both government.