KATHMANDU, Aug. 22 (Xinhua) -- Nepal has made all the preparations for hosting the fourth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) scheduled for next week in Kathmandu, a spokesperson at the Ministry of Foreign Affairs said here on Wednesday.

Bharat Raj Paudyal, the spokesperson for the Ministry of Foreign Affairs, told Xinhua that the government has made all the preparations for hosting the summit on Aug. 30 and 31.

"The summit will review progress achieved so far in the areas of cooperation and provide guidance to the future work of the organization," the spokesperson said.

Nepal is the present chair of BIMSTEC, a regional block established in 1997.

BIMSTEC groups India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand.

All member states have confirmed their participation in the summit and the meetings preceding it, according to him.

Meanwhile, on Wednesday, the Ministry of Foreign Affairs said in a press statement that Nepali Prime Minister K.P Sharma Oli will chair the summit.

The BIMSTEC leaders will witness the signing of the legal instrument of BIMSTEC and consider the draft Kathmandu Declaration of the summit on Aug. 31, according to the statement.

Prior to the summit, the Nineteenth Senior Officials' Meeting and the Sixteenth Ministerial Meeting of BIMSTEC will be held on Aug. 28 and 29 in Kathmandu.

The third summit of the BIMSTEC leaders was held in Nay Pyi Taw, Myanmar in March 2014.