Nepal and China signed the implementation framework of the Belt and Road Initiative (BRI) in Beijing on Wednesday, indicating that Nepal will soon decide on projects for implementation. This situation occurred when Nepal’s Prime Minister KP Sharma Oli was on an official visit to China.
Officials of the Ministry of Foreign Affairs of Nepal have said that the Acting Foreign Secretary and the Vice Chairman of China’s National Development and Reform Commission have signed the framework agreement, ending the speculation that started due to the government’s stance of accepting grants only for projects under BRI.
After returning from Chhendu last week, Foreign Minister Arju Rana Deuba said that since Nepal is not in a position to take loans, it will only accept grants from China for the BRI project.
The details of the agreement have not been made public, but if the Nepali Congress and Deuba, the biggest alliance partners of the government, stick to their position, the KP Sharma Oli-led government may be in crisis after the Prime Minister returns to the country. Thursday.
According to The Kathmandu Post, China suggested to write ‘investment’ for projects under BRI by removing the word ‘grant’ proposed by the Nepali side. After reviewing the new terms and conditions, officials found a compromise and decided to include the phrase “assistance and technical assistance” to implement the project in Nepal, it said.
The word “assistance” adds ambiguity and is a step back from the Nepali Congress’s stance of clearly specifying grants. Some countries also define lines of credit as aid but which are essentially loans, the paper said.
On Tuesday, both sides signed nine MoUs and agreements.
Then speaking at a program organized at Peking University, Oli said that Nepal will benefit from BRI.
He expressed confidence that China’s strong support for Nepal’s development and the BRI project launched under the leadership of President Xi Jinping will further strengthen bilateral relations between the two countries, Himalayan Times reported. –With PTI input
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