Twenty-two Asian countries will officially sign a Memorandum of Understanding (MoU) to establish the Asian Infrastructure Investment Bank (AIIB) on Friday.
According to a report filed by nepalnews, finance ministers of the region will sign the MoU in the presence of Chinese President Xi Jinping with an objective to increase investment especially in the infrastructure development of the Asian nations. Nepal is also one of the founding members of the bank.
Nepal's Finance Minister Dr.Ram Sharan Mahat has been in Beijing since Wednesday, and will sign the MoU on behalf of Nepal. He is accompanied by Joint Secretary Madhu Kumar Marasini.
The AIIB will start operations in 2015 with its head officein in Beijing.