People's Review Weekly

India, Nepal hold 10th line of Credit review meeting


Kathmandu, 12 August: The 10th India-Nepal Line of Credit (LOC) Review Meeting was held in Kathmandu on August 10.

From the Indian side, the meeting was led by A. Ajay Kumar, Joint Secretary, (Developmen­t Partnershi­p Administra­tion-I), Ministry of External Affairs, and comprised of officials from Embassy 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 Government of India (GoI)’s LOCs.

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, as per the press release issued by the Indian Embassy. Site visits to ongoing road projects being built with GOI’s LOCs were also carried out by the visiting Indian delegation on 9 and 11 August 2023.

GoI’s LOC portfolio is more than USD 30 billion and is spread across more than 60 partner countries. In Nepal, it includes four

LOCs US$ 100 million, US$ 250 million, US$ 550 million and US$ 750 million, totaling

US$ 1.65 billion. These LOCs are dedicated towards infrastruc­ture developmen­t as prioritize­d by GoN. So far, these LOCs have financed more than 40 road projects (1105 km completed), 6 projects in hydropower and transmissi­on lines, and several others in housing and reconstruc­tion. Power transmissi­on infrastruc­ture in Nepal has been augmented with major LOC projects, such as Koshi Corridor (220 kV), Modi Lekhnath (132 kV), Solu Corridor (132 kV) and the DhalkebarB­hittamod (400 kV) projects. As of now, upto 452 MW of power export is being carried out through the DhalkebarB­hittamod 400 kV line. GoI 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 US$ 679.8 million.

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