Kathmandu [Nepal], December 10 : Nepal's Foreign Ministry on Tuesday, released a full 10-page framework for the Belt and Road Cooperation that was signed between Nepal and China during Nepal Prime Minister KP Oli's visit in China last week.
The agreement, which was signed on December 4 in Beijing between the Foreign Secretaries of the two countries states 'aid investment', that includes both grant and loan investment, in place of just 'grant investment.'
The framework, which was to be signed on December 3, was not done as China removed the word "grant" from the draft sent by Nepal, which was forwarded by them on November 29. The draft proposed that China would provide grant investment on the projects to be moved forward by the Government of Nepal.
Prime Minister and CPN-UML Chairman KP Sharma Oli and Nepali Congress President Sher Bahadur Deuba had earlier approved the draft of the framework on Belt and Road Initiative (BRI) cooperation which stated that Nepal would only accept Chinese grant.
Nepal had signed a memorandum of understanding (MoU) on BRI in 2017. Nepal and China were expected to sign the BRI Implementation Plan after that, but it did not happen for a long time.
After Oli's visit to China was finalised, a task force was formed to discuss the modality of the BRI implementation plan. The task force comprised the prime minister's chief advisor, Bishnu Rimal; economic and development advisor Yuba Raj Khatiwada; NC General Secretary Gagan Thapa; and advocate Semanta Dahal.
The task force made changes to the implementation plan and changed its name to Framework on BRI Cooperation.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor