Oli Announces To Restore Deal With Chinese Firm, Reviews The Pipeline Deal With India

Oli Announces To Restore Deal With Chinese Firm, Reviews The Pipeline Deal With India

Nov. 21, 2017, 6:54 a.m.

CPN-UML Chairperson KP Sharma Oli has announced to revoke the incumbent government's decision to scrap the license to build Budhi Gandaki Hydropower Project awarded to Chinese company China Gezhouba Group Corporation (CGGC).

He also said leftist alliance government will also review the petroleum pipeline agreement with Indian Oil. “ Our government will review all the treaties which protect the interest of the particular country and the government.

Speaking at an economic debate hosted by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Oli criticized the decision to first provide a license to Gezhouba Group and later scrap it on the eve of an election. “

"This government is going to remain in place for only one more month and its mandate is to hold elections. It made the decision to first award the project and later scrap the contra”t," said Oli who is also a former Prime Minister“. "The next government will correct any unauthorized decision taken by this government," he added.

The announcement to rollback the decision comes after a week of the incumbent government's decision to scrap the license awarded to the Chinese company to build the 1,200-megawatt project.

"Whether the Chinese company is good or bad or whether the due process was followed while awarding the contract is a separate matter for debate. The decision to the first award and later scrap the contract does not bode well for the country," Oli added.  Speaking at the program,

Also speaking at the program, Nepali Congress leader Ram Sharan Mahat said that his party will create an environment conducive for investment -- a prerequisite for rapid economic growth in the country.“

"To achieve the ambitious growth that we have promised, the main source of capital is the private sector. However, investment from the private sector is not going to increase until there is reform, political stability, meritocracy, and prioritization of economic agenda," Mahat, who is also a former Finance Minister, said.

 

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