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World / Asia-Pacific

Nepal's experts highlight role of China-initiated bank in reconstruction

(Xinhua) Updated: 2015-06-24 15:56

Nepal's experts highlight role of China-initiated bank in reconstruction

A couple work to build a new house in a village of Bhaktapur near Kathmandu, capital of Nepal, on June 20, 2015. Houses for those villagers whose residences were destroyed in the earthquake of April and its aftershocks are badly in need in Nepal since the monsoon season has begun. [Photo/Xinhua]

KATHMANDU - Economic experts in Nepal have said that the China-proposed Asian Infrastructure Investment Bank (AIIB) could be the new source of capital for earthquake-stricken Nepal's rebuilding when the bank comes into operation.

The AIIB's capital in rebuilding of Nepal would be the much more important than other multilateral financial institutions such as the World Bank, International Monitory Fund and Asian Development Bank, the experts opined.

Nepal became the founding member of the AIIB in November last year.

Experts' view came at a time when Nepal is all set to host the International Donors' Conference on Nepal's Reconstruction-2015 with the theme Towards a Resilient Nepal to be organized on Thursday.

The conference is aimed at raising international assistance for rebuilding the country ravaged by the April 25 earthquake.

"Being a founding member of the bank, Nepal should get more capital for rebuilding. AIIB's capital would be vital for our economic development in the near future," an economic expert and the former member of the parliament, Hari Roka, told Xinhua.

Roka said Nepal will get more financial support from neighboring countries including China and India than the West countries, given their incessant support to Nepal's endeavors for years.

"The AIIB and BRICS Development Bank's support to Nepal's rebuilding would be much more important than that of the World Bank, IMF and ADB even though these West-dominated banks have been engaged in Nepal's development efforts for years," he said.

The government recently said it will take at least five years to complete reconstruction works.

"The new financial institutions have given a new hope for developing countries like Nepal," Roka said.

Nepal has no option other than requesting to donor countries and financial institutions for concessional loans to rebuild the destroyed houses and bring back the dwindling economy on the track, other experts said.

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