Nepal and China sign new Belt and Road Initiative agreement to boost economic ties

Nepal and China signed a new framework agreement on the Belt and Road Initiative (BRI) on December 4, 2024. This agreement aims to enhance economic cooperation and connectivity, marking a significant step forward since the initial BRI agreement in 2017, which saw no projects implemented. The agreement was signed during Prime Minister K. P. Sharma Oli's first official visit to China since taking office again. It includes commitments to improve infrastructure in areas like transportation and telecommunications, although specific project details remain undisclosed. Negotiations included changes to funding terms, with "grants" replaced by "investment" and the addition of "aid and technical assistance." Prime Minister Oli emphasized the importance of this agreement for Nepal's development and invited Chinese investors to explore opportunities in the country.