The 3rd bilateral Line of Credit (LoC) Review Meeting between Nepal and India was concluded. The Indian delegation was led Manpreet Vohra, Joint Secretary (DPA-I), Ministry of External Affairs and 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.
The meeting reviewed the progress made on the projects under the US$100 million, US$ 250 million and US$ 1 billion LoC extended by the Government of India through EXIM Bank of India. Both sides discussed the modalities for implementation of the LoC pledged by the Government of India for the post-earthquake reconstruction of Nepal. The Indian side looks forward to concrete proposals which can be considered for implementation under the assistance package announced by the External Affairs Minister in ICNR on 25 June 2015 in Kathmandu.
According to a press release issued by Indian Embassy, the Indian side assured the Nepalese side that Govt. of Nepal’s proposal for a dedicated new line of credit for construction of the Kathmandu-Nijgarh Fast Track Road will be considered by the Govt. of India favorably.
It was decided that the next LoC Review Meeting would be held in January 2016, in India.