China and Nepal signs eight agreements on infrastructure
Oli's visit comes after his trip to India soon after his election as Prime Minister and followed by Prime Minister Narendra Modi's return visit to Kathmandu.
China and Nepal today signed eight agreements for developing major infrastructure projects in the land-locked Himalayan nation to further deepen bilateral ties, media reports said.
China has been investing heavily in Nepal in the last few years to enhance the connectivity and infrastructure.
Nepal Prime Minister K P Sharma Oli, who arrived here yesterday on his first official visit to China since his re-election, witnessed the signing of the agreements at the Embassy of Nepal here.
The agreements were signed between the government and private companies of Nepal and China to develop hydropower projects, cement industries, and establish highland food parks, The Himalayan Times reported in Kathmandu.
An agreement was signed between the Investment Board of Government of Nepal and Huaxin Cement Narayani Pvt Ltd under which the Chinese firm has pledged Rs 14.4 billion (USD 130 million) of FDI to generate 3,000 metric tonnes of cement per day, the report said.
Another MoU was signed to prepare a detailed feasibility study on Eastern Tarai Irrigation System in the Biring, Kamala and Kankai rivers, it said.
The two countries agreed on establishing the highland food park for varieties of fruits and vegetables with an investment of over USD 46 million, the report said.
Furthermore, an agreement was signed for the construction of 40.27 MW Siuri Nyadi Hydropower Plant Project in EPCF (Engineering, Procurement, Construction and Finance) model, the report said.
An agreement between Nepal Pashmina Industries Association and One Belt One Road International Trade Platform of CIC Mutual Trade Investment Company was signed for the sale of Nepali pashmina in China, the report said.
The purchase order from China would be between 200,000 to 500,000 pieces every year, it said.
A separate MoU on Framework Agreement for Cooperation in Marsyangdi Cascade Hydropower Project of 600 MW was also signed, it said.
The two sides also agreed for the Construction of 75 MW Trishuli Galchhi Hydropower Project in EPCF Model, the report added.
During his six-day visit, Prime Minister Oli is scheduled to hold bilateral talks with his Chinese counterpart Li Keqiang and address a Nepal-China Business Forum and think-tanks in Beijing.
Oli, during his brief tenure in 2016 widened China-Nepal ties by signing the transit trade treaty with China to reduce the dependence of his land-locked country on India at the height of Madhesis agitation and sought expansion of road links through Tibet besides extension of China's railway to Nepal through the Himalayas.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)