India sanctions USD 340 mn soft loan to Nepal
Published: Feb 20, 2017
By TIOLCORP News Service
NEW DELHI, FEB 20, 2017: INDIA on Sunday committed soft loans amounting to USD 340 million to Nepal for infrastructure projects.
Railways Minister Suresh Prabhu, made this announcement while attending the 'Nepal Infrastructure Summit 2017'. He signed a letter of exchange with Nepalese Minister for Physical Infrastructure and Planning, Ramesh Lekhak, in which India committed a bridge project and 15 road projects totalling USD 340 million soft loans to Nepal.
During the meeting, the two leaders discussed bilateral relations, according to a press release issued by the President's office.
Prabhu is in Nepal to attend 'Nepal Infrastructure Summit 2017' that is being organised by the Confederation of Nepalese Industries (CNI) in association with the Nepal government and Youth Community for Nepalese Contractors (YCNC) to be held between February 19-20.
The minister, who is the guest of honour and keynote speaker at the summit, said the infrastructure meet would be pivotal for accelerating Nepal's economic growth at a time when the country is striving to graduate to the league of developing nations.