<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0ed9c7e80680e08f883jpeg.jpg" alt="" width="1000" height="1500"/><figcaption>Photo: MONIKA DEUPALA</figcaption></figure>The Year of Covid hit economies hard, and none more so than the <a href="http://v" target="_blank" rel="noopener noreferrer">media business which depends mainly on advertising</a>. With sales down and many businesses going belly-up, the media’s main source of revenue dried up as well.When the lockdown went into effect on 24 March, most legacy media in Nepal stopped their print editions. Nepali Times and Himal Khabarpatrika were one of the first to stop printing in early March, and went fully digital. National broadsheets like Nagarik, Kantipur, Kathmandu Post and The Himalayan Times also halted hardcopies, and terminated their other magazines.Among the broadsheets, only Naya Patrika and Annapurna Post continued to print much slimmer versions of their papers, mainly surviving on government notices.However, within ten days Nepal’s largest-circulation newspaper Kantipur resumed printing after it found out that it was losing market share. “We panicked prematurely, and pausing print production was a near-fatal decision,” admits Mahesh Swar, Assistant General Manager at Kantipur Media Group. “We did lose some confidence of our readers, but we have won most of it back. Resuming print was the best decision we made.”Although it was a question of visibility in the market and a presence in the corridors of power in Singha Darbar, <a href="https://www.nepalitimes.com/editorial/media-muzzle/" target="_blank" rel="noopener noreferrer">media</a> as a business has struggled to survive in the past ten months as Nepal’s economy flatlined during the March-July lockdown. The prognosis for 2021 is looking only slightly better.A handful of digital-only portals with lower overheads rode out the crisis, but even they had to cut costs as new sites diluted online readership. Print media found it difficult to get existing companies to switch advertising to their online editions. While page views of their digital editions hit the roof, revenue crashed.Back in April, Shiva Gaunle of the Centre for Investigative Journalism (CIJ) told this paper that <a href="https://www.nepalitimes.com/latest/in-locked-down-nepal-print-is-still-king/" target="_blank" rel="noopener noreferrer">the resumption of hardcopy</a> was prompted by competition, and the fear of losing a paper’s footprint.“It is true digital media has even more reach during the lockdown, but the publishers seem to have decided that not having a printed newspaper has reduced their clout,” Gaunle says. “In that respect, print is still king.”A <a href="https://www.nepalitimes.com/banner/mobile-nepal-is-hooked-on-youtube/" target="_blank" rel="noopener noreferrer">survey earlier this year</a> by Sharecast Initiative showed that only 7% of a nationwide sample regularly read print media, while the proportion of people who got their information from online media had grown, but only to 16% by October.“It has been a challenging year for publishers, but they should keep in mind that the readership has not decreased. It's just that the news sources have shifted to the digital platform,” says Madhu Acharya of Sharecast. He adds that the real reason there are not more readers of print is because publishers have not invested in efficient nationwide distribution. “Most respondents in our survey said they would read newspapers if they could buy them easily.”<a style="font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/journalism-is-not-a-crime/" target="_blank" rel="noopener noreferrer">Journalist Namrata Sharma</a> believes that older people prefer a physical newspaper because they are in the habit of reading them with their morning cup of tea. “Newspapers are just much easier to read, the letters and pictures are bigger and they do not have to squint into phones,” she says.https://www.youtube.com/watch?fbclid=IwAR0YfYL0plBNnqDQvITBvW-S4pcOYeQcS2cHoedcDtVArHADUyro3G8y4Tk&amp;v=r6UdpJ-UC_Y&amp;feature=youtu.beThe Sharecast survey shows that the readership of news portals is not much higher, and most people with smartphones use the internet <a href="https://www.nepalitimes.com/review/nepals-new-digital-landscape/" target="_blank" rel="noopener noreferrer">for entertainment, to connect to family and friends and to watch or share video content</a>. Some 80% of respondents in the survey are on Facebook, with the total number of Nepalis with the app at nearly 9 million. YouTube and TikTok are spreading rapidly as well. Three years ago, only 1% used YouTube, that has grown to 57% in 2019.Acharya says print readership can grow if newspapers and magazines are more readily available to subscribers and in news-stands because of greater literacy levels. Print’s advantage is its shelf-life, and the size of images, which has an edge over a mobile phone screen.“Print newspapers are not going to die because it is something physical that stays with you, there are things you can do with design and use of space on the page that is much more powerful than looking at a small screen,” says Amar Gurung, CEO at Himalmedia, which is resuming the print edition of Nepali Times every Friday from 1 January.Even ad agencies feel that print is a more credible source of information for the public, but they say that <a href="https://www.nepalitimes.com/editorial/lockdown-crackdown/" target="_blank" rel="noopener noreferrer">legacy media</a> has to re-invent itself to be more appealing to advertisers and readers."Print publications have a more loyal readership, and they perceive them as more credible than online," says Ujaya Shakya of Outreach Nepal, and author of Brandsutra.He adds that print readers do not usually multitask when they read a magazine or newspaper, making them more receptive to ads in those publications.However, Shakya says the <a href="https://www.nepalitimes.com/here-now/nepalis-are-drifting-to-digital-media/" target="_blank" rel="noopener noreferrer">penetration of digital media is growing</a> faster, and it will gain momentum when it is integrated with print, tv or radio."The biggest challenge for marketers now is the attention span of the digital audience," Shakya adds. "How many times will they click on the banner ad while browsing social media or a site? That is the key question."The print media as it existed 10 years ago is dead. But the content and role of newspapers have changed. Ironically, what appears to have saved print is the proliferation of digital portals, where both news and advertisement tend to be drowned out by the cacophony. To stand out from the crowd, advertisers now prefer a printed paper page.“Print media still helps to create certain level of credibility in communications. With excess noise in digital, and its unregulated content, many people are not sure how much they can trust it. Print provides trust,” says Punam Singh of the Golchha Group which is the distributor of Bajaj motorcycles.It may be a question of time before print is trending again, just as people get tired of digital sound and vinyl record shops are becoming fashionable. Physical newspapers are tactile, their influence is less ephemeral than digital, much like e-books never really took off as people preferred to turn physical pages. The sale of printed books worldwide doubled last year.“A newspaper in your hand is much more real than digital words on a monitor. There is more trust and credibility in a physical paper in this age of fake news,” says Amar Gurung. “Readers of print also tend to read longer articles and are less distracted, whereas online readers prefer shorter items or videos.”This may be the reason why despite the <a href="https://www.nepalitimes.com/editorial/the-message-is-the-medium/" target="_blank" rel="noopener noreferrer">growth of digital readers</a>, many advertisers in Nepal still prefer ads in print. Indeed, across the world there is a return to print advertising by companies who are turned off by the over-saturation of online, and people disabling ads because they feel pursued by algorithms.“Traditional media's major source of revenue has been ads. But now, we have to think out of the box to generate revenues from other sources as well,” says Gurung.To be sure, there are caveats to print. The content and production values have to be of extremely high quality, there has to be visibility and efficient distribution that makes the media brand stand out. In the end it will be the advertisers who have the last word.Says Prasun Timilsina of Karyala Advertising Inc., “For advertisers, it mostly depends on the audience. While products for youth are usually on digital media, it still makes sense to advertise in newspapers because they are tactile and there is greater retention of content that people see in print. A newspaper is also shared by the entire family, as opposed to digital media which is individual.”

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The death of print is exaggerated

A little more than one month into its six-month term, Nepal's interim government recalled ambassadors from 11 countries: China, Japan, Malaysia, Qatar, Saudi Arabia, Israel, Russia, Spain, Germany, the UK, the US, and Japan.&nbsp;
Mostly appointed by previous governments, they have to return to Kathmandu by 6 November. The envoys who were retained, even if they were political appointees, tended to be women or from various ethnic minorities.
The recall has met with criticism back home. Prime Minister Sushila Karki is blamed for borrowing a page out of its predecessors’ playbook. Although it was a symbolically inclusive move in a diplomatic corps dominated by established groups, the government may have got its timing wrong.
On Sunday, however, the Supreme Court issued an interim order against government decision to recall the 11 ambassadors. The court questioned the neccesssity and justification of such a move, concerned that it could affect Nepal's relations with the host countries.&nbsp;
Karki has said <a href="https://nepalitimes.com/news/future-imperfect">her priority is to hold elections in March</a>, and by recalling Nepal’s emissaries from important capitals like Washington, London, Bonn, Tokyo, Abu Dhabi and Kuala Lumpur her government has cut channels of communication and support from development partners and with the international community.&nbsp;
Nepal’s anti-corruption GenZ protest and the devolution of the youth movement into <a href="https://nepalitimes.com/here-now/relocate-reallocate-recover">arson, looting, and violence</a> after the targeted killing of protestors in September put the nation in the international spotlight. And the interest was especially keen in neighbouring New Delhi and Beijing.&nbsp;
The Nepal unrest has sparked similar protests across the world from <a href="https://nepalitimes.com/here-now/nepal-genzs-inspired-filipinos">the Philippines</a> to East Timor, Madagascar and Peru. But there is also worry in India where exposure of #nepokids on social media as well as corruption in high places could instigate copycat youth unrest.
And in China, there is still a lingering memory of the deadly protests in 1989 Tiananmen Square. But the Chinese also suspect that some in the GenZ movement have links to free-Tibet. &nbsp;
Foreign policy experts in Nepal reject conspiracy theories about foreign backing for the GenZ, characterising it as mostly triggered by home-grown outrage over chronic corruption of the governing elite.&nbsp;
Throughout its history Nepal has always had to balance the geo-strategic interests of its neighbours: the British in India and the Chinese Empire, and more recently independent India and Communist China.
When former PM K P Oli resigned, he had <a href="https://nepalitimes.com/opinion/comment/when-xi-meets-modi-and-oli">just returned from a visit to Beijing</a> and was a week away from making an official visit to India. A new Nepali prime minister typically makes the first visit to India, but Oli broke that tradition last year by going to China to sign the Belt and Road Initiative (BRI) framework agreement.
"Oli was China's trusted partner supporting <a href="https://nepalitimes.com/news/china-syndrome">Nepal’s participation in BRI</a> and SCO (Shanghai Cooperation Organization)," says geopolitical analyst Sanjay Upadhya. "Now, some in Beijing are apprehensive that there is external support for the youth protests that contributed to Oli’s sudden departure. It is perceived as a strategic setback for China."
Despite an ongoing dispute with India over a 364 sq km border territory, Nepal is heavily dependent economically on India with which it has an open border.&nbsp;
Rulers in Kathmandu have usually leaned over backwards to be closer to China to counterbalance India’s gravitational pull following a strategy of ‘equidistance’ between the two giant neighbours.&nbsp;
Growing American and Western disinterest in the region is making India and China more assertive towards smaller nations. Educator Dovan Rai says, “China is also becoming more aggressive and trying to show its presence in and around South Asia.”
She adds, “Nepal is an important neighbour for China, especially considering issues it regards as sensitive, like the Dalai Lama and Tibet.”
Indeed, the Chinese are said to be suspicious about the links that the <a href="https://nepalitimes.com/here-now/nepal-s-historic-youth-dissensus">GenZ movement</a> was infiltrated by elements linked with Free Tibet or with US-based interests.&nbsp;
What must have especially raised eyebrows at the Chinese Embassy in Kathmandu was that the Dalai Lama’s office in exile in India congratulated Sushila Karki — the first time in history it has sent such a greeting to a new prime minister of Nepal.&nbsp;
Although Nepal’s two neighbours do not see eye-to-eye, both agree and are worried about instability in Nepal, and if it might trigger a refugee crisis, empower extremist factions, or attract Western interference.&nbsp;
Nepal’s September protests were preceded and succeeded by similar movements in the region and around the world. In light of this global eruption of youth frustration, and desire to lead from the front, the hardline governments of Nepal’s two neighbours are undoubtedly wary of the possibility of similar unrest within their own borders.&nbsp;
‘India advocates democratic legitimacy, while China prioritises control and predictability. Recent upheavals demonstrate that neither democracy nor stability alone suffices for sustainable nationhood,’ Upadhya wrote in a recent blog.
With early elections scheduled for 5 March, <a href="https://nepalitimes.com/news/one-month-later">the main challenge for Karki’s transition government</a> is to maintain dialogue and establish consensus between youth groups, political parties, and other agitating forces to participate in polls — all while ensuring there is no covert external influence.&nbsp;
Indeed, with <a href="https://nepalitimes.com/here-now/nepals-democracy-keeps-doubting-itself">Nepal’s democracy</a> at stake as well as new political forces with competing interests set to battle it out in a new political landscape, experts warn that there could be powers that will want to fish in troubled waters.&nbsp;
Explains Dovan Rai: “Along with soft power, foreign countries including our neighbours could intervene in the online information space to promote their interests in Nepal. Fake narratives and disinformation could be spread &nbsp;through digital platforms. We must be careful and vigilant about our digital space.”

Neighbourhood watch on Nepal

Climber, expedition leader and later a supplier of bottled oxygen to Himalayan mountaineers, Henry Barclay Todd died on 3 November 2025 in his favourite place on earth, Kathmandu.&nbsp;
Todd was larger than life, a metaphor often used, yet it could not be more fitting. Standing nearly 2m tall, and possessing an unshakeable will, he lived life on a grand scale, both in body and spirit.&nbsp;
Todd was a pillar in the Himalayan climbing community, supporting many mountaineers across Nepal and Pakistan, making it possible for them to fulfil the dream of standing on the world’s highest peaks. He believed deeply in the strength, skill, and potential of the Sherpa people, and offered them opportunities that might otherwise have remained out of reach.&nbsp;
“Thank you, Henry. Your trust changed my life. Rest in peace, my leader, my teacher, my friend,” said Dorjee Gyelzen Sherpa in his tribute.
Born in 1945 to Royal Air Force officer Henry Todd and May Todd of the Women’s Royal Air Force, Henry spent his early years in Singapore. He led a lively childhood with his two brothers, far removed from the mountains that would later define his path.&nbsp;
A gifted swimmer like his father, Henry never pursued the sport professionally. Instead, after returning to Dundee as a teenager and attending seven different schools, he set off for London, where he began working for an insurance company before finding his true calling in adventure.
Henry Todd first came to Nepal in the mid-1980s and made his first attempt on Ama Dablam in 1987, an expedition that marked the beginning of an extraordinary and colourful climbing career. <a href="https://www.himalayandatabase.com/" target="_blank">The Himalayan Database</a> lists 61 expeditions that he led in Nepal alone — there were more in the Karakoram, Argentina and the Alps.&nbsp;
But Todd would joyfully say that a few hard Scottish ascents held a more personal meaning to him than even the greatest Himalayan summits.
Over the decades, he crossed paths with many legendary climbers like Anatoli Boukreev, Jerzy Kukuczka, Doug Scott and Chris Bonington as well as celebrities including members of Pink Floyd and Nobel Prize laureates whom he befriended.&nbsp;
He had a gift to never name-drop, but would simply mention that he had had lunch with Minnie Driver (niece of his long-time friend Andra) or that he had bought his first car from Donald Sutherland. For Todd, these were not bragging rights, they were simply part of the colourful tapestry of his life.
Todd’s life was filled with extraordinary experiences from surviving plane crashes, avalanches and earthquakes to quietly solving countless problems, which was one of his favourite past-times. His hands, famously large and steady, were always ready to help whether in the chaos of the mountains or the calm of a base camp.&nbsp;
With his sharp sense of humour and the beloved exclamation “Whoopie!”,he could bring lightness even to the toughest moments. He never tired of taking on challenges or helping when someone was in need, and he enriched so many people’s lives with his endless stories.
His legacy is immense. He helped build the human backbone of Himalayan climbing, enabling generations of climbers to test themselves in the world’s highest places. With his passing, an era of bold, spirited Himalayan guiding has come to a close.
Todd survived by a loving family, many close friends and a global community of climbers and Sherpas who will never forget him and his endless tales.&nbsp;
His family said in a statement: ‘Henry’s strength, warmth and unyielding belief in others will live on far above the clouds. He was indestructible in our eyes and in our hearts, he always will be.’
There will be a memorial service at Pashupati Temple in Kathmandu on 8 November 2025 around lunchtime.

Henry Barclay Todd, 80

The autumn mountaineering season is not over yet, and already there have been 12 fatalities on Himalayan peaks in Nepal.
Of the 1,450 climbing permits issued, 436 were for Mt Ama Dablam (6,812m), 374 for Mt Manaslu (8,163m) and 186 for Himlung Himal (7,126m). There were deaths on all three mountains.
The death of two French climbers on Ama Dablam happened before unseasonal blizzards hit the mountains. But Cyclone Montha from the Bay of Bengal brought on high winds and up to 1m of snow in the peak trekking and mountaineering season.
This increased avalanche conditions, and made helicopter evacuation of stranded and injured climbers difficult. Lower down the mountains, more than 1,000 trekkers from Nepal and around the world were stuck in the Annapurnas, Manaslu circuit and the Khumbu.
However, there have also been allegations that it was not just the weather that delayed rescues. Multiple levels of bureaucracy and the need for flight permits to restricted areas like Manang and Manaslu critically delayed evacuation flights.
Italian climbers Farronato Stefano and Caputo Alessandro were found dead in their tent at Panbari Himal Camp I (6,887m) in the Manaslu area. They had been trapped by heavy snowfall since 28 October, and their bodies were found on 4 November by a team from the expedition organisers, Sherpa Alpine Trekking Service. The team was made up of high level mountain guides and expedition leader Valter Perlino.
The team had been climbing to Camp 3 but decided to descend to base camp because of thrombosis in Perlino’s left foot. The two climbers who would eventually get trapped decided to break at Camp I, a decision that would prove fatal after the projected six-day snowfall arrived two days early.
“They were sleeping in a tent and were buried under 2.5 metres of compacted snow. It happened during the night between Thursday and Friday. While they were sleeping, absurd,” said Perlino.
A deadly incident took place the morning of 3 November, when five foreigners and two Nepalis died in an avalanche on Yalung Ri at 5,630m in the Rolwaling. They were part of a larger group of 15 that were acclimatising for an attempt on the nearby Dolma Khang (6,332m).
Local authorities in Gauri Shankar Conservation Area say calls were immediately made to helicopter companies as well as various ministries in Kathmandu that have to issue permits to fly to the region bordering China.
But the permits for rescue flights to Rolwaling Valley were delayed by eight hours. Rescue flights in these areas require permission from the Ministry of Tourism, the Ministry of Defence, the Home Ministry, and the Civil Aviation Authority of Nepal (CAAN).
Experts say this should be exempted in times of emergency when time is of the essence. CAAN spokesperson Pratap Babu Tiwari claimed to not know of the avalanche on Yalung Ri and deflected questions to the permission department.&nbsp;
There was a similar tragedy on Himlung Himal in Manang as well. Australian Chin-Tark Chan, 49, was climbing with 8K Expeditions and fell ill on 27 October at about 6,800m, developing snow blindness and loss of mobility. The guides immediately called the US insurance company Global Rescue for authorisation of a longline rescue.
Global Rescue refused, saying a rescue at that height would violate Nepal’s aviation rules and put the pilot at unacceptable risk. They asked the guides to transport Chan to Camp 3 at 6,400m to a permitted altitude. Seeing it was a life-or-death situation for its client, 8K called in an aerial rescue anyway, but the helicopter could not land due to bad weather. Chan died slightly below Camp 3 on 29 October.
Global Rescue said in a statement that it was ready to send in a helicopter after Chan had been transported to Camp 3, but several hours were lost for that attempt, and the weather did not get better in the next few days.
To underscore just how dangerous helicopter rescues in the Himalaya can be in bad weather, a chopper from Altitude Air skidded off the helipad at Lobuche below Mt Everest while trying to rescue trekkers in whiteout conditions.&nbsp;
CAAN announced a ban on flights during blizzards or dense fog. While rescue missions are often heroic and courageous, they should not be foolhardy if conditions are unsafe and the risk to pilots and rescuers too high. This autumn was a lesson for future expeditions and for the Nepal government.&nbsp;
The Italian duo on Panbari were caught out by snow that arrived two days ahead of schedule, but the group on Yalung Ri should have postponed their ascent after multiple warnings from the Department of Hydrology and Meteorology to avoid high altitudes.

Deadly autumn in Himalayan climbing

Traditional donors have sharply scaled back their aid commitments to developing countries over the past year. Some, like the United States, have virtually eliminated their aid programs. According to the Organisation for Economic Co-operation and Development (OECD), official development assistance (ODA) from member countries <a href="https://www.oecd.org/en/about/news/press-releases/2025/04/official-development-assistance-2024-figures.html" target="_blank">declined by 7.1%</a> in 2024, its first annual drop in six years. This trend was not limited to a few major donors. Of the 33 members of the OECD’s Development Assistance Committee (DAC), 22 slashed their aid budgets, and only four countries met the United Nations’ target of allocating 0.7% of gross national income to ODA. The outlook for the coming year offers little hope for improvement, as major DAC donors have announced additional cuts. Most notably, US President Donald Trump’s administration has suspended most foreign aid and dismantled the Agency for International Development (USAID), which dispersed most US government aid dollars. Meanwhile, the United Kingdom plans to <a href="https://www.bbc.com/news/articles/clyrkkv4gd7o" target="_blank">reduce aid spending</a> from 0.5% of GNI to 0.3% by 2027. Similar retrenchment across Europe and North America is reshaping international assistance, disrupting humanitarian and climate-related programs, and creating financing gaps in critical sectors such as health, education, and clean energy. In our 2017 book <a href="https://www.cambridge.org/core/books/going-beyond-aid/B48F59C6D8D2790D403A1A0C44B37612" target="_blank">Going Beyond Aid</a>, we urged developing-country governments to reduce their dependence on foreign aid, not only because it was becoming an unreliable source of funding, but also because other, better ways of financing development were becoming more available. That message is more urgent than ever. As reliance on aid becomes untenable, the international community must mobilise a broader array of financing sources to advance green and sustainable growth. This includes national development banks, industrial investment funds, sovereign wealth funds, and institutional investment in public markets, as well as innovative mechanisms such as debt swaps and public-private partnerships (PPPs). These tools can unlock domestic resources, attract long-term investors, and create synergies between public goals and private capital. Equity investment offers a promising avenue for engaging non-traditional development partners while reducing developing countries’ dependence on debt. Government investment funds, public and private financial institutions, and other private actors can participate by taking equity stakes in public enterprises, financing infrastructure projects, or joining PPPs. Such participation not only alleviates debt burdens but also improves the performance and management of public assets. As government-funded, mission-driven institutions, public development banks (PDBs) have the potential to provide patient capital for green and sustainable investment in emerging and developing economies (EMDEs). Building on the <a href="http://www.dfidatabase.pku.edu.cn/index.htm" target="_blank">pioneering database</a> of public development and financial institutions created by the Institute of New Structural Economics at Peking University, future research can identify effective ways to harness these institutions to fuel low-carbon growth. Responding to growing demand from the economies of the Global South, development partners have increasingly adopted an “entire value chain” approach to the green transition in recent years. This strategy facilitates transfers of low-carbon technologies, diffusion of digital innovations (including trade in services), and industrial modernisation, enabling countries included in China’s Belt and Road Initiative (BRI) to accelerate their shift toward sustainable development. Empirical research supports this approach. An analysis covering 139 countries <a href="https://ember-energy.org/latest-insights/the-first-evidence-of-a-take-off-in-solar-in-africa/" target="_blank">finds</a> that, following policy directives to incorporate green and low-carbon principles into the BRI, carbon intensity (CO₂ emissions per unit of GDP) among participating countries declined significantly between 2013 and 2022. These findings are consistent with another <a href="https://ember-energy.org/latest-insights/the-first-evidence-of-a-take-off-in-solar-in-africa/" target="_blank">recent study</a> showing how China’s solar-energy expansion has helped transform Africa’s power sector. Investment in infrastructure and industrial development can also generate positive spillover effects. Evidence from Sub-Saharan Africa <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jors.70023" target="_blank">shows</a> that the presence of at least one Chinese-financed infrastructure project in a second-order administrative region (comparable to a municipality) is associated with a 5% increase in nighttime luminosity – a widely used proxy for economic activity. Neighbouring regions experienced a 10-15% rise in luminosity, indicating that the benefits of such projects extend well beyond the immediate investment site.  <figure><img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251104131124_1a11d248a89b0785bc7d7f1d9f721e7e7a2563cbd579c3c672a0900220c19171.jpg" data-media-id="editor_7" data-image-id="20251104131124_1a11d248a89b0785bc7d7f1d9f721e7e7a2563cbd579c3c672a0900220c19171" data-rendition-name="original" width="720" height="405" loading="lazy" alt="development aid and China"></figure>  These outcomes underscore the critical role of infrastructure investment, particularly in energy and transportation projects. By improving electricity access, affordability, and connectivity, they reduce energy poverty, bolster public services, and stimulate economic activity in underserved areas. To meet the evolving challenges of development finance, both traditional and non-traditional donors and creditors should move beyond aid and adopt multidimensional strategies that combine trade, investment, infrastructure, green technology, and digital connectivity, including fintech solutions, to support EMDEs. Importantly, such collaborations should be viewed as a mutual learning process in which partners assume complementary roles and shared responsibilities. To be sure, there have been missteps along the way. China’s financing of coal-fired power plants before 2021, for example, had slowed reduction in CO₂ emissions. But these outcomes, once recognised as policy errors, can help strengthen accountability and foster self-correcting mechanisms within the international development ecosystem. Through ongoing learning and adaptation, global partners can build a more resilient, inclusive, and sustainable framework for development finance. © <a href="https://www.project-syndicate.org/">Project Syndicate</a> Justin Yifu Lin, a former World Bank chief economist and Senior VP, is the honorary dean of the National School of Development and director of the Institute of New Structural Economics at Peking University. Yan Wang is Senior Academic Researcher at Boston University’s Global Development Policy Center.

print

The death of print is exaggerated

Neighbourhood watch on Nepal

Henry Barclay Todd, 80

Deadly autumn in Himalayan climbing

Development finance must shift away from aid