Nepal, China sign eight deals worth 2.24 billion USD

BEIJING: Nepal and China on Wednesday signed eight agreements worth $2.4 billion on the second day of Prime Minister K.P. Sharma Oli's visit.

These agreements were reached between the two governments and private sectors where Chinese investors will put money on developing hydroelectricity, water resources, cement factories and fruit cultivation and farming.

The signing ceremony took place at the Nepal Embassy here. Additional memorandum of understandings will be signed on Thursday after delegation-level talks between Oli and his Chinese counterpart Li Keqiang.

Oli, who arrived here on Monday on his five-day-visit, will meet Chinese President Xi Jinping on Tuesday afternoon at the Great Hall of the People in Beijing.

This is Oli's first official visit to China after returning to power in February and second foreign trip after India.