Kathmandu: India and Nepal have both expressed appreciation for the strong cooperation in the developmental partnership between the two nations, including through the Line of Credits that is extended to the Himalayan nation for infrastructure development.
During the 10th India-Nepal Line of Credit (LOC) Review Meeting held on Thursday, both sides acknowledged their cooperation and reviewed the progress of projects which are at various stages of implementation, according to the press release by the Indian Embassy here on Friday.
The Indian delegation also conducted site visits to ongoing road projects being built with the Government of India’s (GOI) LOCs.
India’s LOCs in Nepal include four projects totalling USD 1.65 billion. These LOCs are dedicated to infrastructure development as prioritised by the Nepal government. GoI’s LOC portfolio is more than USD 30 billion and is spread across more than 60 partner countries.
So far, these LOCs have financed more than 40 road projects (1,105 km completed), 6 projects in hydropower and transmission lines, and several others in housing and reconstruction, the release said.
Power transmission infrastructure in Nepal has been augmented with major LOC projects, such as the Koshi Corridor (220 kV), Modi Lekhnath (132 kV), Solu Corridor (132 kV) and the Dhalkebar-Bhittamod (400 kV) projects. As of now, up to 452 MW of power export is being carried out through the Dhalkebar-Bhittamod 400 kV line.
GoI has also agreed to fund Bheri Corridor, Nijgadh-Inaruwa and Gandak Nepalgunj Transmission lines and associated substations under Indian LOC at an estimated cost of USD 679.8 million.
Last week, Prime Minister Narendra Modi spoke with his Nepalese counterpart Pushpa Kamal Dahal ‘Prachanda’ and reviewed various aspects of the India-Nepal cooperation to strengthen the deep bonds of friendship between the two countries.
The two leaders reviewed various aspects of the India-Nepal bilateral cooperation and followed up on discussions held during Prime Minister Prachanda’s recent visit to India from May 31 to June 3, so as to advance the bilateral partnership and to further strengthen the deep bonds of friendship between the two countries, PMO had said.
Nepal, a close and friendly neighbour, is a key partner in India’s ‘Neighbourhood First’ policy, it had said.
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