Nepal Prime Minister KP Sharma Oli recently visited China for five days. During this time Nepal officially joined China's Belt and Road Initiative (BRI) framework agreement. The objective of this agreement is to create a Trans-Himalayan Multi-Dimensional Connectivity Network. Through which Nepal is to be transformed into a regional hub of business and connectivity.
According to India Today, the plan includes several important infrastructure projects such as highways, railways and energy networks. It promises to boost economic growth by increasing Nepal's connectivity with China and other Asian countries.
KP Oli in his meeting with Chinese President Xi Jinping termed BRI as a game changer for Nepal. He emphasized that this will bring new opportunities for development in Nepal. Better infrastructure will open new avenues for business, tourism, agriculture and hydropower.
Fear of China's Debt Trap Diplomacy in Nepal Nepal's formal participation in China's BRI project marks a major shift in its foreign policy. Historically, Nepal has had very friendly relations with India. However, of late Nepal has been exploring new economic opportunities with China to reduce its dependence on India.
China has made many promises to transform Nepal's infrastructure through the BRI project, but it is also being seen as China's debt trap diplomacy. Experts say that whichever country defaults on the BRI loan, its strategic assets are seized by China.
Similarly, China leased Sri Lanka's Hambantota port for 99 years after defaulting on loans.
Nepal and China signed an agreement on BRI in 2017 Initially, Nepal was seeking grants (financial assistance) for the BRI project instead of loans. However, during PM Oli's visit, the terms investment and aid have been used instead of grant in the agreement. Due to which more ambiguity is prevailing regarding this.
Nepal and China signed an agreement on the BRI project in 2017. According to this, 9 projects were to be worked on in Nepal with Chinese money, but even after 7 years, not a single project has been started in Nepal. In fact, the previous government wanted China to give money to Nepal in the form of financial assistance instead of loans, but China was refusing this.
Plan to connect 70 countries through BRI China's Belt and Road Initiative or BRI is also known as the New Silk Route. This is a multi-country connectivity project. BRI is planned to connect 70 countries in Asia, Europe and Africa by rail, road and sea. China wants to build ports, naval bases and observation posts in the Indian Ocean or in countries near India.
China is giving huge loans to many countries through BRI. If he is unable to repay the loan, he seizes their ports. This is the largest project undertaken by any country.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
