Kathmandu, Feb 24 India has approved 16 road projects to be undertaken through its financial assistance to the Himalayan country under the third Line of Credit.
The matter was agreed upon here on Wednesday during the 5th bilateral two-day Line of Credit (LoC) Review Meeting between the two governments.
The Indian Embassy in Kathmandu said the projects — including the Mahakali bridge in far western Nepal — needed to be consolidated since it was desirable to attract quality contractors.
Both sides also discussed the modalities for the implementation of the Line of Credit for $750 million pledged by India for post-earthquake reconstruction in Nepal, which is now ready for operationalisation, it said.
The meeting also discussed expediting of the Rahughat hydroelectricity project, Koshi and Solu corridors and Modi-Lekhnath transmission line projects.
Similarly, the meeting also discussed capacity building of the National Reconstruction Authority of Nepal, the key agency responsible for undertaking reconstruction work in Nepal following the massive earthquake in April 2015.
Both sides agreed to set up Joint Monitoring Teams to meet on a quarterly basis to ensure better monitoring and speedy implementation of the projects.
The meeting reviewed the progress made on projects of $100 million (LoC-I) and $250 million (LoC-II) — the earlier Lines of Credit extended by India to Nepal through the Exim Bank of India.
Projects approved for implementation as well as projects for which preparation of Detailed Projects Reports are under process, under the Line of Credit of $550 million (LoC-III) were also discussed.
India approves 16 road projects in Nepal