Foreign Ministry publishes Belt and Road Cooperation Framework

KATHMANDU: The Ministry of Foreign Affairs (MoFA) has made public the Framework for Belt and Road Cooperation, signed between Nepal and China on December 4 during Prime Minister KP Sharma Oli's visit to China.

The MoFA released the Belt and Road Initiative (BRI) Cooperation Framework on Tuesday. The document establishes a structured basis for further negotiations on the projects.

"The two sides shall respect each other’s sovereignty and common interests and work together to improve people’s livelihoods through mutually beneficial and win-win cooperation. This Cooperation Framework will accord due consideration to the developmental stages of China and Nepal, with particular emphasis on Nepal’s specific development requirements and priorities," states the document.

The cooperation principles highlight joint consultation for common development, pragmatic cooperation for meaningful effects, and a policy environment for increased investment.

The Framework aims to deepen economic partnership, promote common development, inject new momentum into trade, infrastructure, and connectivity cooperation, and accelerate the development of priority projects. It provides structured guidance for negotiations and identifies projects within the scope of cooperation.

China will support Nepal’s development efforts by providing technical and financial assistance. Both sides will ensure technical support and financing modalities that suit their needs and the requirements for sovereign-initiated projects. "The two sides will conduct objective analyses of technical, financial, commercial, and economic feasibility and ensure value for money for the prioritised projects. The two sides will continue to call upon international multilateral financial development institutions or mechanisms to provide more financial support for promoting connectivity and development," the Framework states.

Nepal and China also agreed to build the Trans-Himalayan Multidimensional Connectivity Network through the construction of ports, roads including bridges and tunnels, railways, aviation infrastructure, telecommunication projects, and electricity transmission lines.

Projects listed under the BRI Cooperation Framework include the Tokha-Chhahare Tunnel, Hilsa-Simikot Road Project, Kimathanka-Khandbari Road and Kimathanka Bridge and Integrated Check Post Project, the Nepali section of the China-Nepal Cross-Border Railway Project, Amargadhi City Hall Project, Jilong-Rasuwagadhi-Chilime 220 KV Cross Border Power Transmission Line, Madan Bhandari University of Science and Technology, Kathmandu Scientific Centre and Science Museum, China-Nepal Friendship Industrial Park, and Jhapa Sports and Athletics Complex.