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China and Nepal Sign new BRI Cooperation Pact
The Statesman
|December 05, 2024
A Nepali proposal that BRI projects involving Nepal should be funded by Beijing was rejected by China
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Nepal and China on Wednesday signed a "Framework for Belt and Road Cooperation" during the visit of Prime Minister KP Sharma Oli by replacing 'grant financing' with "aid financing."
The agreement was formalized during a special ceremony held in Beijing between the Government of Nepal and the Government of China, the Ministry of Foreign Affairs said on X.
Agreement between the two countries formally got inked after the term "aid financing" was replaced with "grant financing." While a grant refers to a subsidy, aid can encompass both grants and loans, offering more flexibility in the terms of assistance.
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