Nepal Foreign Affairs (Kathmandu August 4): Nepal and India have reviewed the progress made on the projects under the US$100 million, US$ 250 million and US$ 1 billion Line of Credit extended by the Government of India through EXIM Bank of India.
The 3rd bilateral Line of Credit (LoC) Review Meeting between the Governments of India and Nepal held on August 3 in Kathmandu discussed the modalities for implementation of the LoC pledged by the Government of India for the post-earthquake reconstruction of Nepal, according to the Indian Embassy in Kathmandu.
“The Indian side looks forward to concrete proposals which can be considered for implementation under the assistance package announced by External Affairs Minister Susma Swaraj during International Conference on Nepal’s Reconstruction on June 25,” read press release issued by the Indian Embassy.
On the Occasion, the Indian side assured the Nepalese side that Nepal’s proposal for a dedicated new line of credit for construction of the Kathmandu-Nijgarh Fast Track Road will be considered by the Indian government favourably.
The meeting also decided the next LoC Review Meeting would be held in January 2016 in India.
The Indian delegation was led by Manpreet Vohra, Joint Secretary (DPA-I), Indian Ministry of External Affairs while the Nepalese delegation was led by Madhu Kumar Marasini, Joint Secretary, International Economic Cooperation Coordination Division, Ministry of Finance.
The concerned Nepalese authorities from the Ministries of Physical Planning and Infrastructure, Energy and Irrigation participated in the meeting.