Nepal congratulates China on WTO entry
Nepal, China hold talks on trade imbalances

Kathmandu, Nov 13 (RSS): On the sidelines of the 4th ministerial conference of World Trade Organisation (WTO) in Doha the capital for Qatar, a meeting was held here on Monday between the leader of the Nepalese, delegation Minister for Indsutry, Commerce and Supplies Purna Bahadur Khadka and leader of the delegation from the People’s Republic of China, Minister of Foreign Trade and Economic Cooperation Shi Guangsheng,.

On the occasion Minister Khadka extended hearty congratulations to Mr. Guangsheng on the successful accession of the China in WTO.

Mr. Khadka, mentioning about the traditional culture and economic relation between two countries, expressed thanks and gratitude for the assistance provided by China for the economic development of Nepal.

Accession of the Peoples Republic of China is not only expected to be of help and support for Nepal’s accession but also in promoting bilateral trade between the two countries. Nepal needs support to increase her export to China in order to address the widening trade imbalances.

Mr. Guangsheng on the occasion expressed his sincere thanks for congratulating China in her accession to WTO and mentioned China’s responsibilities to promote in the region in general and neighbouring countries like Nepal in particular.

The Chinese Minister also stated that China was an observer to WTO for long but Nepal may not have to wait that long. He mentioned that China attach great importance to the economic development of Nepal. Therefore, China is offering economic assistance to Nepal within her capability.

Secretary of Ministry of Industry, Commerce and Supply Bhanu Acharya, the Nepalese ambassador to Qatar and the Permanent Representative to UN in Geneva and delegates officials were also present during the meeting.

Minister Khadka also had meeting with Minister of Industry and Trade of Tanzania Iddi Mohammed Simba in Doha on Monday.

Tanzania is the coordinator of least developed countries in the WTO.

During their meeting Minister Khadka while stressing the need to strengthen LDC’s voice within WTO, thanked and appreciated Mr. Simba for his leadership and efforts as a coordinator of the LDC.

Mr. Khadka mentioned the urgent need of giving priorities for accession of LDC members like Nepal in to WTO. He expressed his confidence that the present fourth ministerial conference will substantially address the concerns of LDC’s.

Mr. Simba briefed Minister Khadka about the position of LDC’s within WTO in different issues including the new issues.

Likewise, official Nepalese delegates Prachanda Man Shrestha and Dr. P.R. Pandey also had a meeting today with Deputy Director General and in charge of economic cooperation, Ministry of Economy, Trade and Industry in Japan Hidetaka Saeki.

During the meeting Mr. Shrestha briefed Japanese counterpart about the status of Nepal’s accession of WTO and requested for support of Japan.

They discussed about technical assistance of Japan to Nepal in capacity building to meet the WTO obligations.

Japan expressed positive attitude towards Nepal in accession to WTO and extending technical support.

Western regional rural bank makes profit of Rs. 5.4 M

Butwal, Nov 13 (RSS): The Western Regional Rural Development Bank is reported to have made a profit of Rs 5.4 million since it was set up in 2051 B.S.

The bank claims to have improved the living conditions of 10 per cent of the poor families in Western Nepal by providing loans on a joint basis without any collateral.

At a press conference organised to provide information about the activities of the bank here yesterday, it was informed that the bank had involved 36,055 women members in vocational activities through banking exercises by linking loans with savings.

The Western Regional Rural Development Bank is reported to have provided loans to 7,193 groups through 1,050 centres in 226 village development committees and 12 municipalities of 13 district in the Western Development Region.

The bank has invested Rs. 431,863,000 and recovered loans amounting to Rs. 365,587,000 till the end of Asar, 2058 B.S.

Taking into consideration the progress being made so far, the bank has formulated a five vocational plan.

Under the first year, the bank plans to set up its branch offices in Gorkha and Arghakhanchi districts and expand its activities in 13 other districts in the remaining four years.

In the next five years, the bank has the target of increasing its group members to 46,051 and loan members to 40,625.

The Western Regional Rural Development Bank has the target of investing Rs. 56.76 million and recovering Rs. 464,609,000 in the fiscal year 2058/59, investing Rs. 602,935,000 and recovering Rs. 544,010,00 in the fiscal year 2059/60, investing Rs. 806,948,000 and recovering Rs. 680 million in the fiscal year 2060/61 and investing 863,112,000 and recovering Rs. 828,162,000 in the fiscal year 2061/62.

According to executive director of the bank Dhruba Khatri, 20 branch offices of the bank are running in profit. The bank has not suffered any loss since its inception, he added.

According to executive director Khatri, the bank has been facing obstacles in expanding its activities because of the non-avilability of loans from the national and international souces at low interest rates, political interference, quick changes of the chairman, board of directors and executive director,lack of security arrangements for the bank, unclear policy in the selection of the executive director, lack of detailed evaluation and study for institutional development of the bank and the dharna and strikes being organised by the Bank Employees Union from time to time.