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KATHMANDU — India on Thursday announced a Rs (Nepalese Rupee) 1,000 crore grant for Nepal's reconstruction bid during the seventh meeting of Nepal-India Joint Commission at the Foreign Ministerial-level, an official said.
Earlier, following the devastating earthquake in 2015 in the Himalayan nation, India had announced a $1 billion grant and loan for Nepal's reconstruction bid.
The newly announced assistance of INR 1,000 crore, however, is a fresh one, an official said.
The agreement was signed during the visit of Indian External Affairs Minister, S. Jaishankar to Kathmandu.
Jaishankar arrived here on a two-day visit on Thursday and paid a courtesy call to President Ram Chandra Poudel and Prime Minister Pushpa Kamal Dahal, also known as Prachanda.
Co-chaired with my counterpart FM @NPSaudnc a comprehensive and productive meeting of the 7th India-Nepal Joint Commission.
— Dr. S. Jaishankar (@DrSJaishankar) January 4, 2024
Discussions focused on our overall bilateral ties, trade & economic relations, land, rail & air connectivity projects, cooperation in defense & security,… pic.twitter.com/YNjWtQ777g
The other three agreements are the implementation of 'High Impact Community Development Projects' in Nepal for which India will provide NPR 200 million for each small project in its neighbouring nation.
Another agreement is for the long-term power trade between the two countries wherein Nepal can export up to 10,000 MW of energy in the next 10 years.
Likewise, both sides have launched a Service Agreement for nano satellite developed by Nepal Academy of Science and Technology. The pact was signed between Nepal Academy of Science and Technology and NewSpace India Limited.
An official said the another MoU was for cooperation in Renewable Energy Development between Nepal Electricity Authority and NTPC Limited, India.