MOSCOW (Sputnik) – Nepal and China signed on Friday the Memorandum of Understanding (MOU) on bilateral cooperation under the "One Belt, One Road" initiative, the Nepalese Foreign Ministry said in a statement.
"The Government of Nepal and the Government of the People’s Republic of 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, Kathmandu today," the statement said.
The document was signed by Nepalese Foreign Secretary Shanker Das Bairagi and Chinese Ambassador to Nepal Yu Hong.
"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," the statement said.
China's "One Belt, One Road" initiative was launched in 2013 and is aimed at developing infrastructure and strengthening ties between Eurasian countries, and focuses on the land-based Silk Road Economic Belt (SREB) and the 21st-century Maritime Silk Road.