China to provide ₹15 billion assistance to Nepal to invest in projects

Narayan Khadka, who is on an official visit to China at the invitation of Wang Yi, met him in the eastern Chinese city of Qingdao on August 10.

China has pledged ₹15 billion in grant assistance to Nepal to invest in various projects this year in the landlocked Himalayan nation after visiting Foreign Minister Narayan Khadka held wide-ranging talks with his Chinese counterpart Wang Yi to further cement the bilateral ties.

Mr. Khadka, who is on an official visit to China at the invitation of Wang, met Wang in the eastern Chinese city of Qingdao on August 10.

"The two Foreign Ministers took stock of overall aspects of Nepal-China relations and agreed to promote further cooperation in various sectors, including trade, connectivity, investment, health, tourism, poverty alleviation, agriculture, disaster management, education, culture, and people-to-people exchanges, among others," the Nepalese Foreign Ministry said in a statement in Kathmandu.

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Both sides expressed satisfaction over the progress made in a range of matters of bilateral cooperation since the official visit of Wang to Nepal in March this year. Wang, also a State Councillor, announced that China will provide a ₹15 billion (800 million RMB) grant to Nepal to invest in projects selected by Nepal for the year 2022.

Wang also announced three million RMB worth disaster relief materials as per Nepal’s request. "China will also provide Nepal with an additional 12 million RMB worth of medical items and logistics," according to the statement. China will provide additional COVID-19 vaccines and related medical assistance as much as required by the Himalayan nation, it said.

“Mr. Khadka during the meeting also reiterated Nepal’s unwavering commitment to the one-China Policy and assured that the Nepali territory would not be allowed to be used for any anti-China activity,” according to the statement.