A pet initiative of Chinese President Xi Jinping, BRI (Belt and Road Initiative) was launched in 2013 to fund infrastructure projects across the world.
Chinese Foreign Minister Wang Yi will arrive here on March 25 on a three-day official trip at the invitation of Nepal Foreign Minister Narayan Khadke to explore bilateral ties between the two countries and push Beijing’s ambitious multi-billion Belt and Road Initiative (BRI) in the Himalayan nation.
Wang is the highest level foreign dignitary to visit Nepal after the Sher Bahadur Deuba government assumed power last year.
“At the invitation of Minister for Foreign Affairs Narayan Khadka, State Councilor and Minister of Foreign Affairs of the People’s Republic of China Wang Yi is visiting Nepal from March 25 to 27, 2022,” the Ministry of Foreign Affairs said in a statement on Monday.
According to sources, a raft of agreements under the BRI is expected to be signed during Wang's visit.
A pet initiative of Chinese President Xi Jinping, BRI was launched in 2013 to fund infrastructure projects across the world, taking advantage of China’s massive USD 3.21 trillion forex reserves to further Beijing’s global influence.
Although Nepal and China signed the MoU under the BRI five years ago, not a single project under the initiative has taken off in Nepal so far.
During the official trip, Wang will hold bilateral talks with his counterpart Khadka.
He will also meet President Bidya Devi Bhandari and Prime Minister Sher Bahadur Deuba, according to Nepal’s Ministry of Foreign Affairs press release.
"The minister for Foreign Affairs Khadka and Wang will hold bilateral talks, while leading their respective delegations on March 26, 2022,” the press release added.
Interestingly, the Chinese Foreign Minister’s visit comes nearly a month after Nepal’s Parliament had endorsed the US-backed Millennium Challenge Corporation.
The USD 500 million infrastructure grants programme was approved by the Parliament after discussions and alleged intervention by China against the American-funded project.
During the visit, Wang will also meet with former Prime Minister and Chairman of CPN-UML K P Sharma Oli, and Chairman of CPN-Maoist Centre Pushpa Kamal Dahal ‘Prachanda’.
Nepal and China are also expected to ink an agreement to conduct a feasibility study of the Kerung-Kathmandu railway network during Wang’s visit.(With PTI inputs)