China to provide Nepal with Rs 9bn grant

BEIJING: The Chinese government has announced a grant of RMB 500 million (approximately Rs 9 billion) to Nepal.

During a meeting on Tuesday between visiting Prime Minister KP Sharma Oli and Chinese President Xi Jinping, President Xi announced the grant assistance to Nepal.

Various issues of bilateral relations and interests were discussed in detail during the cordial meeting between Prime Minister Oli and President Xi, according to Joint Secretary Krishna Prasad Dhakal, Spokesperson of the Ministry of Foreign Affairs (MoFA).

President Xi highlighted that Nepal and China are long-standing neighbours and friends, with their relationship based on mutual harmony, respect, and cooperation. He expressed China's commitment to providing strong support and collaboration for Nepal's development and prosperity.

President Xi also stated that China is ready to import Nepali goods and encourage Chinese investors to invest in Nepal.

Prime Minister Oli emphasised that the relationship between China and Nepal is based on the principle of Panchsheel, with equality, mutual understanding, and trust as its foundation. He invited President Xi to visit Nepal in 2025 to mark the 70th anniversary of the establishment of diplomatic relations between the two countries.

In response, President Xi expressed his gratitude for the invitation and indicated that he would visit Nepal at an appropriate time.

Prime Minister Oli praised China's rapid development and success in poverty alleviation. He stated that his government is focused on economic development and transformation, with the national aspiration of a 'Prosperous Nepal and Happy Nepalis'. He expressed a desire for increased cooperation and partnership with China in economic development.

Additionally, Prime Minister Oli held a meeting with Li Zhanshu, Chairperson of the National People's Congress Standing Committee of China, in Beijing on Tuesday, according to the Prime Minister's Secretariat. They discussed matters related to the exchange of experience in parliamentary practice.

Prime Minister Oli is currently on a four-day official visit to China.

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