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BRI is not a debt trap, tool to get out of the trap of no development

Kathmandu, 23 May: Chinese Ambassador to Nepal, Hou Yanqi, has stated that her government’s flagship international cooperation project, Belt and Road Initiative (BRI) will not put Nepal and any other country in any debt trap.
Talking to a select group of journalists at her residence this morning the envoy said, “Some countries raise the questions whether the BRI adds to the debt of some countries and creates a debt trap, our answer is no.”
“Businesses, as the main players in BRI cooperation, will naturally act according to the law of the market so that they don’t end up losing money,” she explained, “For most developing countries, they need funds and investments in order to achieve development. China, as other international financial institutions do, offers help in the form of funds based on equal consultation and without any additional political condition.”
“All parties involved are equal participants, they have all contributed to the BRI and benefited from it. The BRI is open, inclusive and transparent. It does not harbor any hidden geopolitical agenda, nor is it designed to form an exclusive circle or impose discriminatory trade terms on others,” she said adding , “The debt problem of developing countries has a much longer history, so it would be unfair to blame the BRI or China for their debt problem.  As a matter of fact, no country has got trapped in a debt crisis since its participation in the BRI.
In another context, Hou said her President Xi Jinping would make a visit to Nepal at a convenient time soon.
Recalling that President Bidya Devi Bhandari reminded Xi of a Nepal visit invitation, the Ambassador said, “President Xi Jinping expressed that he was willing to visit Nepal at the convenient and suitable time for both sides.”
“The Chinese side highly values the development of bilateral relations, and supports the Nepali side’s efforts in safeguarding national independence, sovereign and territorial integrity, and in exploring a development path suited to Nepal’s own conditions,” she further said.
According to the Chinese envoy, the sigbing of the MOU on the BRI, the traditional friendly cooperation between China and Nepal has entered new historic opportunities and Beijing stood ready to extend every possible assistance.
She said that the two countries shall further strengthen policy coordination and infrastructure connectivity, steadily push forward the construction and research of infrastructure development such as roads, ports, railways, and airports,and strengthen the cooperation in tourism, finance, culture and people’s livelihood.
People’s News Monitoring Service

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