BRI cooperation doesn't involve loans: PM Oli

 Kathmandu, Dec. 5

Prime Minister KP Sharma Oli has said that the country's cooperation with China under the Belt and Road Initiative (BRI) does not involve any loans, contrary to ongoing speculations. “The agreements signed as part of the BRI framework are not loans but will include various projects under separate discussions and implementation agreements,” he said at an interaction with journalists at the Tribhuvan International Airport (TIA) upon his arrival after concluding a 4-day visit of China from December 2-5. 

"We have repeatedly made it clear that what we have achieved this time is not a loan. There has been no discussion of loans at all. The projects we are pursuing under the BRI are based on cooperation, and each will involve separate agreements for their implementation," the Prime Minister said while urging the media to avoid misrepresenting Nepal’s position.

During the visit of PM Oli, Nepal and China signed agreements, memorandums of understanding (MoUs) and letters of engagement on various nine projects, and signed a BRI Framework Agreement that included 10 projects.

The bilateral projects signed between the two countries include economic and technical cooperation, Tokha-Chhahare tunnel, trade promotion cooperation, buffalo meat export to China, cooperation on development plan, exchange on cash assistance, public service broadcasting cooperation between Nepal Television and China Media Group.

Likewise, BRI Framework is comprised of Jilong-Kerung-Kathmandu cross-border railway and Jilong-Kerung-Rasuwagadhi-Chilime 220 KV cross-border transmission line.

It also includes projects like Simkot-Hilsa road, Kimathanka-Khandbari road and bridge, Jhapa Sports and Athletics Complex, Kathmandu Scientific Centre and Science Museum, Amargadhi City Hall in Dadeldhura, Madan Bhandari University of Science and Technology, and China-Nepal Industrial Park.

PM Oli expressed confidence in future financial support from China to Nepal. "There has been no confusion regarding whether Nepal will receive concessional loans or grants. It is clear, these projects will proceed without any reference to loans," he said.

Stressing the positive deliberations with Chinese President Xi Jinping and Premier Li Qiang, he said that the talks were focused on various dimensions of Nepal-China bilateral relations and future cooperation.

During the talks, President Xi pledged to facilitate the export of Nepali goods to China and mobilise Chinese investment in Nepal. He also announced a 500 million RMB (equivalent to Rs. 9.3 billion) grant support to Nepal. On the occasion, PM Oli extended an official invitation to President Xi to visit Nepal on the occasion of the 70^th  year of the establishment of the bilateral relations between Nepal and China. President Xi responded positively and said that he would make it happen at an appropriate time in future.

Likewise, PM Oli and his Chinese counterpart, Li witnessed the signing of various nine agreements and memorandums of understanding between the two governments.

"Our friendship with China is not directed against any third party. It is solely focused on benefiting Nepal, and we are committed to advancing this partnership to bring the maximum benefit to our country," he added.

PM Oli also took to opportunity to refute the blame that the country’s foreign policy orientation has tilted towards China and termed such allegations ‘baseless’. He stated that the arrangements would be made to visit India soon.

Meanwhile, on the third day of his China visit, PM Oli addressed the Nepal-China Business Forum jointly organised by the Embassy of Nepal in Beijing, the Federation of Nepalese Chambers of Commerce and Industry and China Council for the Promotion of International Trade (CCPIT).

He highlighted the strengths and prospects of the Nepali economy and outlined the increasing economic relations between Nepal and China in various areas including trade, investment and tourism, according to the Nepali Embassy in Beijing.

“Nepal is a virgin land for investment. I would like to invite the Chinese business community to invest in Nepal and enjoy the privileges and benefits available,” he said.

PM Oli-led delegation of Nepal to China included his spouse Radhika Shakya, Foreign Minister Dr. Arzu Rana Deuba, PM’s Chief Advisor Bishnu Prasad Rimal, Economic and Development Advisor Dr. Yuvaraj Khatiwada, several federal lawmakers, senior government officials including secretaries, private sector representatives, and journalists.

PM Oli reached Beijing on Monday and was welcomed by the Vice-Minister for Foreign Affairs of the Communist Party of China, Sun Weidong, and Nepal’s Ambassador to China Dr. Krishna Prasad Oli.

Prime Minister Oli was welcomed by Deputy Prime Minister Prakash Man Singh, Home Minister Ramesh Lekhak, other ministers and high-level government officials at the VVIP Lounge of the TIA. 

 Published in The Rising Nepal daily on 6 December 2024.