Nepal and India convened the 10th India-Nepal Line of Credit review meeting in Kathmandu on Thursday, focusing on the advancement of projects currently undergoing diverse stages of implementation.
Acknowledging the robust collaboration within the India-Nepal developmental partnership, particularly through the extended line of credits, both nations expressed their appreciation for the cooperation, as stated by the Indian Embassy in Kathmandu.
The meeting was helmed by Shreekrishna Nepal, joint secretary at the Ministry of Finance, and included representatives from various departments responsible for executing the projects under the line of credit. The Indian delegation, led by A. Ajay Kumar, joint secretary of the Indian Ministry of External Affairs (Development Partnership Administration-I), consisted of officials from the embassy and the EXIM Bank.
As part of the review, the visiting Indian team conducted on-site visits to ongoing road projects funded through the line of credit on August 9 and 11.
India's line of credit portfolio spans more than 60 countries and exceeds USD 30 billion. In Nepal, it encompasses four distinct lines of credit projects: $100 million, $250 million, $550 million, and $750 million, amounting to a total of $1.65 billion, as outlined in the statement.
Up to this point, these credited funds have facilitated over 40 road projects and six initiatives in the realm of hydropower and transmission lines. Additionally, numerous endeavors in housing and reconstruction have also benefitted from these financial resources, the statement affirmed.