By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
vantagefeed.comvantagefeed.comvantagefeed.com
Notification Show More
Font ResizerAa
  • Home
  • Politics
  • Business
  • Tech
  • Health
  • Environment
  • Culture
  • Caribbean News
  • Sports
  • Entertainment
  • Science
Reading: Nepal asks China to cancel loans it cannot repay
Share
Font ResizerAa
vantagefeed.comvantagefeed.com
  • Home
  • Politics
  • Business
  • Tech
  • Health
  • Environment
  • Culture
  • Caribbean News
  • Sports
  • Entertainment
  • Science
Search
  • Home
  • Politics
  • Business
  • Tech
  • Health
  • Environment
  • Culture
  • Caribbean News
  • Sports
  • Entertainment
  • Science
Have an existing account? Sign In
Follow US
vantagefeed.com > Blog > Business > Nepal asks China to cancel loans it cannot repay
Nepal asks China to cancel loans it cannot repay
Business

Nepal asks China to cancel loans it cannot repay

Vantage Feed
Last updated: August 24, 2024 8:20 am
Vantage Feed Published August 24, 2024
Share
SHARE
KATHMANDU: When Nepal’s new international airport opened in one of the country’s largest cities last year, it was expected to be a landmark project that would improve the fortunes of one of Asia’s poorest countries while deepening ties with China, which built and funded the project.

But Pokhara airport has become a symbol of something else: the pitfalls of Chinese international infrastructure projects, which have sometimes been criticized for costly, poor-quality construction that has left borrowing countries drowning in debt.

Nepal’s month-old government, led by its largest Communist party, formally asked China on Thursday to convert a $216 million loan for the airport’s construction into a grant and write off the debt.

The airport has been plagued by problems: Just weeks after it opened in January 2023, a domestic flight heading to the city crashed into a river gorge, killing 72 people. The airport has no scheduled international flights and the project’s financial prospects are bleak. Over the past year, Nepal’s anti-corruption agency and a parliamentary committee have launched investigations into the airport’s construction.

Last year, The New York Times reported that the construction arm of a state-run conglomerate, China Sino-Japanese Engineering Corporation, had inflated costs for projects, undermining Nepal’s efforts to monitor construction quality.

If China agrees to Nepal’s request, it will be a further sign of strengthening ties between the country’s new government and China. In July, Nepal’s largest Communist Party joined forces with the Nepali Congress, the largest party in the country’s parliament, to form a coalition government led by Prime Minister KP Sharma Oli. The government has wasted no time in moving closer to Beijing. China will probably convert the loan into a grant aid because it wants to build a strong relationship with the Nepal Communist Party, said Binoj Basnyat, a former Nepalese general who now works as a researcher at Thailand’s Rangsit University. He also noted that China has another benefit in agreeing to the request.

“The investigation into the corruption charges will be over soon,” Basnyat said. “No one will talk about it anymore.”

This article originally appeared in The New York Times.

You Might Also Like

The trend of mega that appears in silver: time to sell gold and replenish with silver? Gautam Shah answers

North Korean operatives and American accomplices accused in massive fraud that infiltrated the Fortune 500 and stole millions

Trump is looming the BBB as Mike Johnson asks Senate GOP to change the bill

Gold and silver remained stable – check prices in Mumbai, Chennai and other cities

Sebi suggests loading CCS criteria for product exchanges

TAGGED:askscancelChinaloansNepalrepay
Share This Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Social Medias
FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe my Newsletter for new posts, tips & new Articles. Let's stay updated!

Popular News
From the Nest – Day 159 – Birds Caribbean
Caribbean News

From the Nest – Day 159 – Birds Caribbean

Vantage Feed Vantage Feed April 24, 2025
Proteolytic stabilization of spider venom peptides leads to oral active biogenetic suicide
China and the US agree to significantly reduce tariffs
Auto Giant Stellantis is appointing Antonio Filosa, a 25-year company veteran.
The ultimate bug (spinach) recipe.
- Advertisement -
Ad imageAd image
Global Coronavirus Cases

Confirmed

0

Death

0

More Information:Covid-19 Statistics

Importent Links

  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact
  • Disclaimer

About US

We are a dedicated team of journalists, writers, and editors who are passionate about delivering high-quality content that informs, educates, and inspires our readers.

Quick Links

  • Home
  • My Bookmarks
  • About Us
  • Contact

Categories & Tags

  • Business
  • Science
  • Politics
  • Technology
  • Entertainment
  • Sports
  • Environment
  • Culture
  • Caribbean News
  • Health

Subscribe US

Subscribe my Newsletter for new posts, tips & new Articles. Let's stay updated!

© 2024 Vantage Feed. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?