Nepal, India discussed LOC Review Mechanism

The first meeting of the LOC review Mechanism held

July 8, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -3 July. 11- 2014 (Ashar 27, 2071)

The first meeting of the “LoC Review Mechanism” between the Governments of India and Nepal was held in Kathmandu on 4th July, 2014.  Indian delegation was led by Shri. Alok K. Sinha, Joint Secretary (DPA-I) accompanied by Shri Abhay Thakur, Joint Secretary (North), Ministry of External Affairs, and the Nepalese delegation was led by Madhu Kumar Marasini, Joint Secretary, IECCD, Ministry of Finance. 

According to a press release issued by Indian Embassy, the meeting reviewed the progress made on the projects under the existing Lines of Credit (LoC) of USD 100 million and USD 250 million, extended by Government of India to Government of Nepal through EXIM Bank of India. The discussions were held and concluded in a cordial, friendly and constructive atmosphere.

The Nepalese side welcomed the “LoC Review Mechanism” and expressed appreciation of the Government of India for its continued support in Nepal’s infrastructure development.  The Nepalese side stated that they look forward to Government of India for assistance in bigger developmental projects.  The Indian side 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. It was decided that the next LoC Review Meeting will be held in January 2015 in New Delhi.

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