Nepali Congress Stands Firm on Grant-Based BRI Projects

The Nepali Congress has insisted that any Belt and Road Initiative (BRI) projects in Nepal must be financed through grants, not loans. This stance was reiterated after recent agreements with China. The party aims to avoid financial burdens similar to those posed by the loan-funded Pokhara Regional International Airport.

The Nepali Congress, a key member of the ruling coalition, declared on Monday that Nepal should only engage in Belt and Road Initiative (BRI) agreements if they involve grants rather than loans.

During a meeting at the residence of party president Sher Bahadur Deuba, the Central Working Committee decided that BRI projects should exclusively be funded through grants, reflecting the party's unchanged stance. This announcement follows Prime Minister K P Sharma Oli's visit to China, where a BRI Cooperation Framework was signed.

Nepali Congress spokesperson Prakash Sharan Mahat emphasized that while agreements with China were termed as 'assistance,' future projects under the BRI must adhere to a grant-based structure to prevent economic strain. Citing the Pokhara Regional International Airport as a loan-funded project that has yet to deliver the desired benefits, Mahat highlighted the risks of accruing loans for development endeavors.

(With inputs from agencies.)