Nepal, China sign framework deal on OBOR

Kathmandu / May 12: Nepal and China on Friday signed a framework agreement on China’s One Belt One Road (OBOR) initiative, days ahead of a summit in Beijing where an ambitious plan to build a modern-day Silk Road trade routes and lead a new era of globalisation would be unveiled.

Foreign Secretary Shankar Das Bairagi and Chinese Ambassador Yu Hong signed the Memorandum of Understanding (MoU) on behalf of their respective governments at a function organised at Foreign Ministry in Kathmandu.

The signing ceremony was jointly witnessed by Deputy Prime Minister and Finance Minister for Finance Krishna Bahadur Mahara and Minister for Foreign Affairs Prakash Sharan Mahat.

Addressing the function, Foreign Minister Mahat hailed the agreement as a major step in Nepal-China relations. “Road and railway connectivity is very important for us and we want investment in the same,” said Minister Mahat.

Saying that Nepal needs huge foreign investment, he hoped that Nepal will benefit from the agreement.