Kathmandu: The 10th India-Nepal Line of Credit (LOC) Review Meeting was held in Kathmandu, fostering collaboration and reviewing the advancement of developmental projects. The meeting, led by officials from both countries, highlighted the robust India-Nepal Developmental Partnership, particularly the ongoing projects supported by LOCs.

Mr. A. Ajay Kumar, Joint Secretary of Development Partnership Administration-I at the Ministry of External Affairs, led the Indian delegation, accompanied by representatives from the Embassy and EXIM Bank. On the Nepalese side, Mr. Shreekrishna Nepal, Joint Secretary from the Ministry of Finance, helmed the discussion, with officials from various departments engaged in executing projects under India's LOCs.

The two sides expressed mutual appreciation for their strong cooperation and assessed the progress of projects spanning diverse stages of implementation. The visiting Indian delegation conducted site visits to active road projects supported by India's LOCs on August 9 and 11, 2023.

With a comprehensive LOC portfolio exceeding USD 30 billion across over 60 partner nations, India's LOCs have played a pivotal role in promoting developmental initiatives. In Nepal, four significant LOCs totaling USD 1.65 billion (US$ 100 million, US$ 250 million, US$ 550 million, and US$ 750 million) have been allocated for priority infrastructure development, as identified by the Government of Nepal (GoN). Notably, these LOCs have facilitated over 40 road projects (covering 1105 km), six hydropower and transmission line projects, as well as several initiatives in housing and reconstruction.

An instrumental facet of the developmental collaboration has been the reinforcement of power transmission infrastructure in Nepal. Major projects, including the Koshi Corridor (220 kV), Modi Lekhnath (132 kV), Solu Corridor (132 kV), and the Dhalkebar-Bhittamod (400 kV) ventures, have augmented Nepal's power transmission capacity. A significant milestone achieved is the export of up to 452 MW of power through the Dhalkebar-Bhittamod 400 kV line.

Notably, India has also committed to funding projects like Bheri Corridor, Nijgadh-Inaruwa, and Gandak Nepalgunj Transmission lines, along with associated substations, under the Indian LOC, at an estimated cost of USD 679.8 million.

The review meeting underlines the unwavering commitment of both nations to fostering developmental cooperation and enhancing infrastructure for the betterment of the people.