India sanctioned USD 340 million to Nepal for development programmes

India on 19 February 2017 sanctioned a soft loan of USD 340 million to Nepal. The loan will be used in developing various infrastructure development programmes.

Ranjit Rae, the Indian Ambassador to Nepal, handed over the approval papers to Physical Infrastructure and Transport Minister of Nepal Ramesh Lekhak. The documents were handed to Lekhak in presence of Railway Minister Suresh Prabhu.

Suresh Prabhu was in Kathmandu, Nepal to attend the Nepal Infrastructure Summit 2017. While delivering the keynote address at the summit, Prabhu said Infrastructure is a pre-requisite for development.

Under this programme, Mahalaki bridge and 15 roads will be constructed in various parts of Nepal.

On the occasion of this handing over ceremony, Suresh Prabhu expressed India’s commitment to strengthen infrastructure in Nepal. He said that it is just a beginning and lots more will come in power, railway and other sectors. He said we want that Nepal houses a world class infrastructure so that members of Indian Parliament can say why India can’t also do like Nepal.

On the other hand, Ramesh Lekhak expressed thankfulness towards India and said that the sanction of loan is a symbol of close friendship between the two nations, that is, India and Nepal. In addition to this, Lekhak also said that completion of the infrastructural projects will not only strengthen physical connectivity between the two nations but also an emotional bonding between the people of both countries.

Earlier, Railway Minister also met President of Nepal Bidhya Devi Bhandari and former Prime Minister Baburam Bhattarai discussed various bilateral issues. Besides, both ministers and senior officers of India and Nepal also discussed various developmental issues in a closed-door meeting.