Kathmandu: Nepal and China have officially signed the much-anticipated Belt and Road Initiative (BRI) Cooperation Framework in Beijing on Wednesday. The agreement, which government officials believe will pave the way for the implementation of BRI projects in Nepal, was signed during the visit of Prime Minister KP Sharma Oli to China.
The announcement was confirmed by CPN-UML leader Dr. Rajan Bhattarai, who heads the UML’s Foreign Affairs Department and is part of PM Oli’s delegation. The signing follows tense negotiations after the two countries were unable to reach an agreement on Tuesday due to Nepal’s concerns over loan agreements for the BRI projects.
After intensive discussions, the two sides agreed on a middle ground. Nepal proposed the inclusion of the term ‘grant financing’ in the agreement, while China suggested the term ‘aid.’ While the details of the cooperation framework have not yet been made public, both countries have agreed to continue negotiations on the BRI implementation framework, with plans to expedite certain BRI projects in Nepal.