Cabinet approves $1b credit line offered by Modi

KATHMANDU, Nov 25 :

The government has endorsed concessional line of credit worth US$ 1 billion offered by Indian Prime Minister Narendra Modi during his Nepal visit in August.
The cabinet took the decision on the eve of Modi´s second visit to Kathmandu. Modi is arriving in Kathmandu on Tuesday to participate in the 18th SAARC Summit.

As agreed earlier in August, the concessional loan will be extended to Nepal through Exim Bank of India.

According to Minister for Information and Communications Minendra Rijal, the cabinet meeting also endorsed the Project Development Agreement (PDA) for Arun III Hydropower Project with Sutlaj Jal Vidyut Nigam Ltd of India -- the promoter of the project.

The PDA will be signed in the presence of PM Sushil Koirala and his Indian counterpart Narendra Modi at 5 pm on Tuesday.

Source: Republica