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India assures Nepal of extending Line of Credit

Jul 08, 2014

The Nepalese side has stated that they look forward to India for assistance in bigger developmental projects.

India has assured Nepal that it will extend Line of Credit (LoC) for its bigger developmental projects as the two countries held the first meeting to review the progress made on existing undertakings which totals to USD 350 million.

The first meeting of the "LoC Review Mechanism" between the Governments of India and Nepal was held in Kathmandu recently. Indian delegation was led by Alok K Sinha, Joint Secretary (DPA-I) accompanied by Abhay Thakur, Joint Secretary (North), Ministry of External Affairs.

The Nepalese delegation was led by Madhu Kumar Marasini, Joint Secretary, IECCD, Ministry of Finance, according to a statement issued by the Indian Embassy in Kathmandu on Monday.

The meeting held on 4th July reviewed the progress made on the projects under the existing Lines of Credit (LoC) of USD 100 million and USD 250 million extended by India to Nepal through EXIM Bank of India.

"The discussions were held and concluded in a cordial, friendly and constructive atmosphere," said the press release.

The Nepalese side stated that they look forward to India for assistance in bigger developmental projects.

India stated that LoCs have become another important component of development partnership between the two countries and conveyed that India would be happy to consider extending further assistance to Nepal.

Nepal and India have set up a permanent mechanism to review projects under India's Line of Credit, which totals to USD 350 million.

The next LoC Review Meeting will be held in January 2015 in New Delhi.

SOURCE: DD News

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