Both Nepal and India have expressed gratitude for the other’s hard work in the two countries’ developmental collaboration, which includes the Line of Credits given to the Himalayan country for the development of its infrastructure.
According to a news statement issued by the Indian Embassy here on Friday, both parties appreciated their collaboration during the 10th India-Nepal Line of Credit (LOC) Review Meeting on Thursday and evaluated the status of projects that are at different stages of execution.
The road projects that are now being constructed using the Government of India’s (GOI) LOCs were also seen by the Indian team on site.
India has four LOCs in Nepal, with a combined value of USD 1.65 billion. The government of Nepal has designated these LOCs for the development of infrastructure as a top priority. GoI has more than 30 billion USD in LOCs dispersed throughout more than 60 partner nations.
According to the statement, these LOCs have funded over 40 road projects (1,105 km completed), 6 hydropower and transmission line projects, and several housing and restoration projects.