India’s $1-bn aid to Nepal
India’s $1-bn aid to Nepal, PM Narendra Modi announced US $1 bn (`6,000 cr) as concessional line of credit to Nepal and proposed a \"HIT\" formula for the development of the land-locked country endowed with rich hydropower potential.
Kathmandu: Indo-Nepalese ties deepened as Prime Minister Narendra Modi arrived on a two-day visit to a rousing welcome, personally accorded by his Nepalese counterpart Sushil Koirala. Modi is the first Indian PM to undertake a bilateral visit to the Himalayan kingdom in 17 years. Addressing Nepal Constituent Assembly, Modi announced a Rs 10,000 crore ($1 billion) as concessional line of credit for various development purposes in Nepal. “India is committed to the economic development of Nepal,” said Prime Minister Modi in powerful 45-minute speech to Nepali lawmakers, the first time a guest has been invited to address a joint session of the Constituent Assembly and Parliament in Kathmandu. India, Nepal ink 3 pacts, including one on Pancheshwar dam. Later, both sides commenced high-level talks steered by their respective PMs.
$1 bn for Nepal; 3 pacts signed
- Modi touches Nepalese’s hearts
Kathmandu: PM Narendra Modi announced US $1 bn (`6,000 cr) as concessional line of credit to Nepal and proposed a "HIT" formula for the development of the land-locked country endowed with rich hydropower potential.
Modi announced this while addressing Nepal's Constituent Assembly in Kathmandu on Sunday. Earlier, India had provided US $250 million line of credit to Nepal. Modi and his Nepalese counterpart Sushil Koirala signed three agreements, including a NRs 69 million grant to Nepal to supply iodated salt to curb iodine deficiency diseases. The second agreement was regarding the amendment of Articles 17 and 18 of the Pancheswor Multiple Project, the Himalayan Times reported.
The third agreement is about cooperation between Nepal Television and Doordarshan, the state-owned television stations of both the countries, it said. Proposing a model development formula for Nepal, Modi said, "I want to HIT Nepal", drawing wide applause from the lawmakers.
Elaborating his strategy, Mr Modi said HIT in his lexicon implies - Highways, I-ways and Transways.
"It came to my mind that let's hit Nepal. Many of you would take offence to my use of this term but when I talk of hitting Nepal, I have three main points in mind -- H:Highways, I:I-ways and T:Transways," Modi said.
He said India will help Nepal in constructing highways for better connectivity. It will provide assistance to the country for developing information highways so that "Nepal should not be left behind among the nations of the world".