Ruling Nepali Congress (NC) has reiterated that any forms of loans under the Chinese Belt Road Initiative (BRI) project will not be acceptable.
Following the meeting of the Central Work Execution Committee (CWEC), of the party held on Monday, Spokesperson Dr. Prakash Sharan Mahat said the BRI agreements reached with China will proceed only if financed through grants, not the loans.
"Projects offered as grants by China will be implemented. The grant financing is a type of aid financing. Agreements for any of the ten BRI projects will be concluded on a grant basis," said Mahat.
Meanwhile, the NC has declared that Nepal will only accept grant financing, not loan financing, from any foreign country.
However, Nepal will remain open to foreign investments. "Nepal will always welcome foreign investment in areas including Information Technology and industrial sector," said Mahat.
Prime Minister KP Sharma Oli also reminded that Nepal will receive only grants, not the loans under the Chinese project BRI.
"The China government has well understood that Nepal is not ready to accept loans, but grants. China has pledged grants for the last few years. We believe that northern neighbor will implement these foresaid grant commitments and gradually take forward 10 the projects signed under the BRI Cooperation Framework," said Dr Mahat.
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