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Nepali PM KP Sharma Oli with Chinese President Xi Jinping. Pics – Social Media
Nepal’s Prime Minister KP Sharma Oli recently paid a five-day visit to China. During this time, Nepal officially joined China’s Belt and Road Initiative (BRI) Framework Agreement. The objective of this agreement is to create a trans-Himalayan multi-dimensional connectivity network. Through which Nepal has to be transformed into a regional center of business and connectivity.
According to India Today, this plan includes many important infrastructure projects like highways, railways and energy networks. It promises to boost economic growth by increasing Nepal’s connectivity with China and other countries in Asia.
KP Oli in his meeting with Chinese President Xi Jinping described BRI as a game changer for Nepal. He emphasized that this will bring new opportunities for development in Nepal. Better infrastructure will open new avenues for business, tourism, agriculture and hydropower.
Diplomats of Nepal signing BRI project with China.
Fear of China’s debt trap diplomacy in Nepal
Nepal’s formal participation in China’s BRI project indicates a major change in its foreign policy. Historically, Nepal has had very friendly relations with India. However, for some time now Nepal has been looking for new economic opportunities with China to reduce its dependence on India.
China has made many promises to transform Nepal’s infrastructure through the BRI project, but it is also being seen as China’s debt trap diplomacy. Experts say that whichever country fails to repay the BRI loan, its strategic properties get captured by China.
Similarly, China had taken Sri Lanka’s Hambantota port on lease for 99 years after failing to repay the loan.
Nepal and China signed an agreement in 2017 regarding BRI.
Initially, Nepal was asking for grant (financial help) instead of loan for the BRI project. However, during PM Oli’s visit, the words investment and assistance have been used in the agreement instead of grants. Because of this there has been more ambiguity regarding this.
An agreement on the BRI project was signed between Nepal and China in 2017. According to this, work was to be done on 9 projects in Nepal with Chinese money, but even after 7 years, no project has been started in Nepal yet. Actually, the previous government wanted China to give money to Nepal in the form of financial assistance instead of loan. But China was denying this.
Plan to connect 70 countries through BRI
China’s Belt and Road Initiative or BRI is also known as the New Silk Route. This is a connectivity project of many countries. Under BRI, there is a plan to connect 70 countries of Asia, Europe and Africa through rail, road and sea. China wants to build ports, naval bases and observation posts in the Indian Ocean or in countries close to India.
China is giving huge loans to many countries through BRI. If he is unable to repay the loan, he captures their ports. This is the biggest project ever started by any country.
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