Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Government of Nepal and the Government of China have signed a framework for cooperation under the Belt and Road Initiative (BRI). The signing took place today in Beijing during Prime Minister KP Sharma Oli’s official visit to China.
This development comes amid speculation that no agreement on the BRI would be reached during the visit. However, the framework was finalized and signed, dispelling doubts. Both the Nepali Congress and the UML had previously agreed to prioritize grants over loans under the BRI framework.
The agreement was signed by Amrit Bahadur Rai, Secretary at Nepal’s Ministry of Foreign Affairs, and Liu Sushe, Vice Chairperson of China’s National Development and Reform Commission, at a ceremony held in Beijing.
Although the BRI framework had been a subject of lengthy discussions and debates, concrete progress had been elusive until now. Questions had even been raised in Nepal regarding the viability of proposed projects. With the signing of the framework, uncertainties have been resolved.
Under the BRI framework, Nepal has proposed 10 projects. These include the Tokha-Chhahare Tunnel Road, the Hilsa-Simikot Road Project, the Kimathanka-Khandbari Road and Bridges, and the Gyirong-Kerung-Kathmandu Cross-Border Railway.
Other projects in the framework are the Amaragadhi City Hall in Dadeldhura, the Gyirong-Kerung-Rasuwagadhi-Chilime 220 kV Cross-Border Transmission Line, the Madan Bhandari University, the Kathmandu Scientific Center and Science Museum, the China-Nepal Industrial Friendship Park in Damak, and the Jhapa Sports and Athletics Complex.
The signing of the BRI cooperation framework marks a significant step in advancing Nepal-China relations and paves the way for the implementation of major development projects in Nepal.
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