KATHMANDU: Prime Minister (PM) KP Oli’s upcoming visit to China has heightened the likelihood of reaching an agreement on the framework for the Belt and Road Initiative (BRI).
This development is bolstered by China’s response to converting the nearly Rs 26 billion loan allocated for the construction of Pokhara International Airport into a grant.
Sources indicate that Prime Minister Oli is expected to visit China in the first week of December, with discussions underway at high political levels between both nations.
According to insiders close to Prime Minister Oli, if the visit occurs, the BRI Framework Agreement could be signed during this trip.
To prepare for Prime Minister Oli’s visit, Foreign Minister Dr. Arju Rana Deuba is likely to travel to China in the last week of November.
While en route to the 79th General Assembly of the United Nations, Minister Rana met with Chinese Foreign Minister Wang Yi in New York, where he received an informal invitation.
Minister Rana has stated that he will accept the formal invitation to visit China this week, expressing a desire to strengthen relations following indications of improved ties between China and India.
In the lead-up to last week’s BRICS summit in Russia, an agreement was reached between China and India to restore border patrols to their pre-2020 clash status.
With China’s willingness to convert the NPR 25.88 billion (approximately 1.34 billion Chinese Yuan) loan for the Pokhara International Airport project into a grant, there is potential for further advancements in the BRI framework agreement.
During his visit to China in early October, Deputy Prime Minister and Finance Minister Bishnu Paudel submitted a formal request to the Chinese government for the loan conversion.
He was in Beijing to participate in the Global Sustainable Transport Forum, hosted by the Chinese government and the Global Sustainable Transport Innovation and Knowledge Center.
In his discussions with his Chinese counterpart, Finance Minister Paudel addressed several projects, including the Damak Industrial Park, Madan Bhandari University of Science and Technology, Hilsa-Bhurigaon road, Kimathangka-Hile road, and the Kerung-Kathmandu railway.
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