Chinese envoy fails to convince Nepal on BRI
Kathmandu, 28 June (HS): China failed to initiate its ambitious Belt and Road Initiative (BRI), as Nepal placed two conditions for its implementation. Chinese Vice Minister for Foreign Affairs Sun Weidong returned to Beijing after spending three days in Nepal. Weidong did not succeed in obtaining a signature of approval from Nepal authorities. The BRI project could not move forward after the agreement was signed by Nepal in 2017.
Weidong also met Nepal?s President, Prime Minister, and Foreign Affairs Minister. Nepal, however, did not budge to the Chinese pressures. Foreign Minister Narayankaji Shrestha said the conditions included that Nepal would not take any big loan for the project. It may obtain financial cooperation for small projects with an interest rate of not more than 0.5 per cent. The term of repayment of the loans should be extended from 15 years to 25 years.