Nepal and China singed the Memorandum of Understanding (MOU) on Cooperation under the Belt and Road Initiative amidst a special Signing Ceremony organized at the Ministry of Foreign Affairs, Singh Durbar.

Krishna Bahadur Mahara, Deputy Prime Minister and Minister for Finance and Dr. Prakash Sharan Mahat, Minister for Foreign Affairs jointly witnessed the signing ceremony.

Foreign Secretary Shanker Das Bairagi and Ambassador of China to Nepal Yu Hong singed the MoU on behalf of their respective the Government of Nepal the Government of the People's Republic of China.

The major thrust of the MoU is to promote mutually beneficial cooperation between Nepal and China in various fields such as economy, environment, technology and culture.

“The MoU aims at promoting cooperation on promoting connectivity of facilities, trade connectivity, financial integration and connectivity of people. The MoU seeks to strengthen cooperation in connectivity sectors including transit transport, logistic systems, transport network and related infrastructures development such as railway, road, civil aviation, power grid, information and communication,” said a press release issued by Ministry of Foreign Affairs.

Similarly, the MoU also aims to promote people-to-people exchanges of different levels between the two countries. The MoU contains detailed framework for mutual cooperation in line with the MoU signed between the Governments of Nepal and China in December 2014.