Lumbini-Kapilvastu Day Blog

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Posts Tagged ‘MoU’

China’s $3 Billion Investment in Buddhist Mecca Sparks a Row

Posted by Ram Kumar Shrestha on November 21, 2011

By Jane Poretsis

On the 9th August, China declared that it had just signed a USD 3 billion deal with Nepal to develop Lumbini, the birth place of Buddha, sparking a row of lack of transparency.

The investment will see China leading the project, to transform the small town of Lumbini into a Buddhist Mecca and place of pilgrimage for Buddhists from around the world. A huge building project situated in the Southern region adjoining India. Seeing the construction of a new airport, highway, hotels, convention centre, temples and a Buddhist university; plus, the water, electricity and communication lines it currently lacks.

According to the Xinhua News Agency, in July, the United Nations Industrial Development Organization (UNIDO) and the Hong Kong based – Asia Pacific Exchange and Cooperation Foundation (APECF), signed a MoU (Memorandum of Understanding) in Beijing.

This was met by concern in certain quarters of the Nepalese Government, which felt that it had been left in the dark and not consulted; prompting a dismissal from China on reports in the media of a secret pact with certain Maoist sections of the Government. Read the rest of this entry »

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