Credit line of $1 bn to be sought

KATHMANDU:

Nepal will propose to India that it raise the line of credit from existing US$250 million to $1 billion during Indian Prime Minister Narendra Modi’s two-day visit to Nepal beginning Sunday. “We will ask the Indian government to expand the credit line to $1 billion so that we can get easy access to funds to finance infrastructure projects,” Finance Minister Ram Sharan Mahat told The Himalayan Times. Currently, EXIM Bank of India has extended a line of credit of $250 million to Nepal for building and maintenance of 11 roads, construction of Koshi and Solu corridor transmission lines and implementation of 32 MW Rahughat Hydroelectric Project, among others.

Source: THT