Beijing: The Chinese government has announced a grant of 500 million RMB (equivalent to Rs. 9 billion) to Nepal, as part of its commitment to fostering Nepal's development and bilateral cooperation. The announcement was made during a meeting between Nepali Prime Minister KP Sharma Oli and Chinese President Xi Jinping in Beijing.

The two leaders held detailed discussions on various aspects of bilateral relations and areas of mutual interest, according to Krishna Prasad Dhakal, spokesperson for Nepal's Ministry of Foreign Affairs. President Xi highlighted the long-standing friendship and harmony between the two nations and reiterated China's readiness to support Nepal in achieving economic development and prosperity. He also expressed China's willingness to increase imports of Nepali goods and encourage Chinese investments in Nepal.

Prime Minister Oli emphasized that the relationship between the two countries is founded on the principles of Panchsheel and mutual respect. He praised China's rapid progress in development and poverty alleviation and expressed Nepal's desire for enhanced cooperation in economic development. PM Oli also invited President Xi to visit Nepal in 2025 to mark the 70th anniversary of diplomatic relations between the two countries. President Xi expressed his gratitude for the invitation and assured a visit at an appropriate time.

In a separate meeting, PM Oli held talks with Li Zhanshu, Chairperson of the National People's Congress Standing Committee of China. The discussions focused on strengthening parliamentary ties and exchanging experiences in legislative practices.

The announcement of the grant comes during PM Oli’s four-day official visit to China, aimed at bolstering bilateral ties and securing economic collaboration. The grant is expected to be utilized for developmental projects, furthering Nepal's aspirations for a "Prosperous Nepal and Happy Nepalis."