KATHMANDU, Dec 9: The Nepali Congress (NC) has once again emphasized that it will only accept agreements under the Belt and Road Initiative (BRI) if they are based on grants. A meeting of the party's Central Working Committee, held this morning at the residence of NC President Sher Bahadur Deuba, concluded that BRI projects should not be financed through loans.
After the meeting, the party’s Spokesperson Prakash Sharan Mahat said that the party’s position remains unchanged—BRI projects should be funded by grants. He said that during Prime Minister KP Sharma Oli's visit to China, the agreement for financing was referred to as a ‘grant,’ not a loan. Mahat said any future BRI projects must follow this framework and be funded through grants.
BRI Breakthrough
Mahat further stated that even if a new agreement is made under the BRI, Nepal can only accept projects that are grant-based, not loan-based. He said that Nepal is not in a position to take loans from any country or donor agency, including the BRI.
Pointing to the Pokhara Regional International Airport (PRIA) as a suitable example, he said that it was built with loan funding but has not yet brought the expected benefits. He warned that Nepal needs to be cautious about taking loans for development projects.
Relatively, the meeting also approved Umesh Shrestha as the party's new treasurer. This decision followed a proposal by Deuba, the party president.
