LOC review mechanism meeting held

KATHMANDU,July 7 :

The first meeting of the ´Line of Credit (LoC) Review Mechanism´ between Nepal and India has reviewed the projects under the existing LoC of US$ 100 million and US$ 250 million extended by India to Nepal through EXIM Bank of India.

According to a statement issued by the Indian Embassy in Kathmandu, the discussions were held and concluded in a cordial, friendly and constructive atmosphere.

The Indian delegation was led by Alok K Sinha, joint secretary (DPA-I) and the Nepali delegation was led by Madhu Kumar Marasini, joint secretary at the Ministry of Finance. Welcoming the mechanism, the Nepali side has stated that they look forward to Indian assistance in bigger developmental projects, the statement said.

"The Indian side stated that LoCs have become another important component of development partnership between the two countries and conveyed that India would be happy to consider extending further assistance to Nepal," reads the statement. The next LoC Review Meeting will be held in January 2015 in New Delhi.

Source: Republica