KATHMANDU: Visiting Chinese President Xi Jinping has announced a support of RMB 3.5 billion (approx Rs 56 billion) between 2020 to 2022 to uplift the living standard of Nepalis.

The Chinese President made the announcement during the high-level bilateral talks held at the Office of the President, Sheetal Niwas on Saturday night.

On the occasion, Chinese President Xi congratulated Nepal for the development achieved since the assumption of power by the Communist Party and said that China wishes to strengthen the relations established on the principle of peaceful coexistence.

He also announced that work on Trans-Himalayas Railways would move ahead despite its difficulties.

The Chinese President also said that the trade imbalance between the two countries could be addressed while urging Nepal to export competitive goods.

Stating that he was encouraging big and quality investments from China, President Xi said support could be sought from the Asian Infrastructure Investment Bank as well.