August 12, 2023
2 mins read

India’s Line of Credit to Nepal crosses $ 1.65 bn mark

In Nepal, it includes four LOCs: $100 million, $250 million, $550 million and 750 million, totaling $1.65 billion…reports Asian Lite News

India’s Line of Credit (LOC) spending on various projects in Nepal has crossed the $1.65 billion mark.

The figure was released on Friday during the 10th India-Nepal LOC Review Meeting held in Kathmandu. 

The government of India’s LOC portfolio is more than $30 billion and is spread across more than 60 partner countries, said a statement issued by the Embassy of India in Kathmandu.

In Nepal, it includes four LOCs: $100 million, $250 million, $550 million and  750 million, totaling $1.65 billion. 

The projects funded under the LOC are dedicated towards infrastructure development as prioritised by government of Nepal, the statement said, adding that so far the LOCs have financed more than 40 road projects (1,105 km completed), six projects in hydropower and transmission lines, and several others in housing and reconstruction.

India is the largest development partner of Nepal as well as trading partner. Major chunks of the Indian LOC go for cross-border power transmission lines. 

Power transmission infrastructure in Nepal has been augmented with major line of credit projects, such as Koshi Corridor (220 kV), Modi Lekhnath (132 kV), Solu Corridor (132 kV) and the Dhalkebar-Bhittamod (400 kV) projects. 

“As of now, upto 452 MW of power export is being carried out through the Dhalkebar-Bhittamod 400 kV line. The government of India 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 $ 679.8 million,” the statement added. 

Both sides appreciated the strong cooperation in the India-Nepal Developmental Partnership, including through the LOCs extended to Nepal and reviewed the progress of projects which are at various stages of implementation.

From the Indian side, the meeting was led by Ajay Kumar, Joint Secretary, (Development Partnership Administration-I), Ministry of External Affairs; and other officials from the Embassy of India and the EXIM Bank.

From Nepal side, the meeting was led by Shreekrishna Nepal, Joint Secretary, Ministry of Finance, government of Nepal (GoN), and included officials from several departments involved in the execution of projects under the Indian LOC.

The Indian delegation also visited the sites of some road projects funded under the LOC.

ALSO READ: India asks its nationals to leave Niger

Previous Story

Russia Revives Lunar Ambitions

Next Story

Ukraine, UK Launch Landmark Negotiations to Strengthen Mutual Security Commitments

Latest from -Top News

Hamas Reiterates Peace Effort After U.S. Jab

Hamas Reaffirms Commitment to Ceasefire Talks After U.S. Criticism…reports Asian Lite News Hamas on Friday reiterated its commitment to the ongoing ceasefire negotiations, responding to remarks by U.S. Special Envoy to the

No smoking gun in Epstein files: Trump briefed

Attorney General Pam Bondi briefed Trump and Deputy Attorney General Todd Blanche at the White House in May….reports Asian Lite News US President Donald Trump was informed earlier this year that his

Israel, US recall teams from Gaza truce talks

Steve Witkoff said mediators had made a great effort but “Hamas does not appear to be coordinated or acting in good faith”…reports Asian Lite News Israel and the United States recalled their

Trump presses Fed chief to cut rates

Fed chair pushes back on Trump criticism of renovation costs as president presses central bank to cut interest rates…reports Asian Lite News Donald Trump sparred with the Federal Reserve chair, Jerome Powell,

Dubai turns malls Into fitness zones

Dubai’s Mallathon reimagines shopping centres as fitness zones, encouraging residents of all ages to walk, run, and connect—fostering healthier habits in air-conditioned comfort….reports Asian Lite News In a bold move to blend
Go toTop

Don't Miss

Congress Loses Tajinder Singh Bittu to BJP

Tajinder Singh Bittu resigned from his post as AICC Secretary-in-Charge

Ice cold clash over Indus

New Delhi defends treaty suspension, calls out Pakistan’s “misuse” of