WORLD
Nepal says will not take loans, instead seeks grants to execute BRI project
- IBJ Bureau
- Dec 01, 2024
Nepal on Saturday said that it was not in a position to take loans for projects under China’s Belt and Road Initiative (BRI) and that would instead primarily rely on grants, moving forward based on mutual consensus among all stakeholders.
Speaking to reporters at Tribhuvan International Airport in capital Kathmandu upon returning from a three-day visit to China, Foreign Minister Arzu Rana Deuba clarified Nepal’s position on the implementation of BRI projects. Her visit was aimed at preparing for Nepal Prime Minister K P Sharma Oli’s upcoming official trip to China starting December 2.
“Nepal signed the BRI framework agreement in 2017, but discussions regarding its implementation modality are still ongoing. The projects under BRI will only move forward based on agreements and mutual understanding between Nepal, China and all stakeholders within Nepal,” Ms Deuba said.
In response to a question, the foreign minister said that Nepal was currently not in a position to take loans under the multi-billion dollar infrastructure initiative. “We made it clear to the Chinese side during our talks,” she added.
BRI is a pet project of Chinese President Xi Jinping to further the global influence of China with investments to build infrastructure projects.
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