Nepal, India agree to simplify proces for LoC projects

Nepal, India agree to simplify proces for LoC projects

Jan. 15, 2015, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -13 December. 26- 2014 (Poush 11, 2071)

The 2nd Bilateral Line of Credit (LoC) Review Meeting between Nepal and India was held at the Ministry of External Affairs, Jawaharlal Nehru Bhavan, New Delhi on January 13-14.

While Joint Secretary, International Economic Cooperation Coordination at Ministry of Finance Madhu Kumar Marasini led the Nepalese delegation, the Indian delegation was led by Joint Secretary (Development Partnership Administration-I) at Ministry of External Affairs Alok Kumar Sinha, according to a press statement issued by Ministry of Foreign Affairs (MoFA).

Prior to the review meeting, a high-level bilateral consultation meeting was held between Finance Secretary Suman Prasad Sharma and Secretary (Development Partnership Administration and Economic Relations) at Ministry of External Affairs of India Sujata Mehta. Secretary Sharma informed Indian side about the policy directions of Nepal that would encourage focused interventions rather than fragmented ones as the trigger for sustaining development. The meeting focused on utilizing US$ 1 billion LoC-III in Nepal´s priority sectors.

The bilateral LoC review meeting successfully concluded by simplifying the checklist for LoC projects implementation.

"The Nepali side shared the tentative list of projects to be implemented under the LoC-III in roads, power and irrigation sectors.

The review meeting also revisited the progress made under $100 million LoC-I and $250 million LoC-II," said the statement.

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