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The 9th India-Nepal LOC Evaluation assembly was held in Kathmandu on 29 March 2022. The assembly was aimed toward reviewing the progress of tasks being undertaken in Nepal underneath Authorities of India’s (GOI) Strains of Credit score (LOCs), making certain higher venture implementation and more practical utilization of the big quantity remaining underneath the stated LOCs.
From the Indian aspect, assembly was led by Shri Sridharan Madhusudhanan, Joint Secretary, (Growth Partnership Administration – I), Ministry of Exterior Affairs, and comprised of officers from Embassy and the EXIM Financial institution. From Nepal aspect, the assembly was led by Shri Ishwori Prasad Aryal, Joint Secretary (Worldwide Financial Cooperation Coordination Division), Ministry of Finance, Authorities of Nepal (GON) and included officers from a number of departments concerned within the execution of tasks underneath Authorities of India’s Strains of Credit score.
The LOC overview assembly was preceded by inauguration of substations underneath the Modi-Lekhnath Transmission Line and Substations Undertaking in Laha Chowk, Kaski district, Nepal on 28 March 2022. The venture, being financed underneath the LOC of USD 250 million (LOC II), entails development of a 42 km lengthy energy transmission line and its related substations at New Modi, LahaChowk and Lekhnath in central a part of Nepal. The USD 20 million venture is executed by KPTL Ltd. and ABB India. The substations package deal is accomplished whereas the transmission line package deal is prone to be accomplished quickly. The inauguration was carried out by Hon’ble Ms Pampha Bhusal, Minister for Power, Water Assets and Irrigation, Authorities of Nepal in presence of senior GON officers, Indian delegation and native representatives.
The LOC overview assembly was adopted by a Workshop carried out by EXIM Financial institution of India in Kathmandu on 30 March 2022. Joint Secretary Mr. Sridharan Madhusudhanan gave the opening remarks, which had been adopted by detailed discussions between LOC venture contractors and representatives from GON departments implementing the LOC tasks. The workshop was aimed toward familiarizing stakeholders in Nepal with India’s LOC coverage framework and pointers and underneath Indian Growth and Financial Help Scheme (IDEAS). The Workshop additionally mentioned particular points going through the GOI LOC tasks in Nepal. In the course of the Workshop, EXIM Financial institution of India additionally shared its expertise of implementing tasks in different nations and urged methods in direction of higher utilization of GoI LOCs in Nepal.
Authorities of India’s Strains of Credit score portfolio is greater than USD 30 billion, unfold throughout greater than 60 accomplice nations. In Nepal, it consists of 4 LOCs: US$ 250 mn, US$ 550 mn and US$ 750 mn, totaling USD 1.65 billion. These LOCs are devoted in direction of execution of infrastructure growth tasks and post-earthquake re-construction tasks as prioritized by GON. To date, these LOCs have financed 40+ street tasks, one other 9 tasks in hydropower, transmission traces and irrigation, and a number of other others in housing and reconstruction. Many of those tasks are already accomplished, together with some iconic and main tasks. Growth of Energy Transmission infrastructure has acquired specific salience in GOI LOCs in Nepal, with main tasks similar to Koshi Hall (220 kV), Modi Lekhnath (132 kV), Solu Hall (132 kV) and the Dhalkebar Bhittamod (400 kV) tasks.
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