KATHMANDU: Nepal and China on Wednesday signed a much-awaited framework agreement on the multi-billion dollar Belt and Road Initiative (BRI), paving the way for enhanced economic cooperation on the projects.
The BRI Cooperation Framework agreement was inked during Prime Minister K P Sharma Oli’s official visit to China his first official visit to that country after assuming office for the fourth time.
The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.
Though Nepal and China signed the BRI agreement in 2017, not a single project has been implemented under the framework. However, the details of the agreement have not been made public. A joint statement issued by both sides on Tuesday said that “the two sides expressed their readiness to sign the MoU on building the Trans-Himalayan Multi-Dimensional Connectivity Network (THMDCN) and the framework for Belt and Road Cooperation between the two governments as soon as possible,” without specifying a distinct deadline.
“Both sides expressed their commitment to strengthening connectivity between the two countries in such areas as ports, roads, railways, aviation, power grids and telecommunication, to help Nepal transform from a land-locked country to a land-linked country,” it said. According to The Kathmandu Post newspaper, the Chinese side had removed the word “grant” proposed by the Nepali side and suggested replacing it with “investment” for projects under the BRI.