PM Narendra Modi in Kathmandu: India wants a powerful Nepal

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[quote]Kathmandu: Prime Minister Narendra Modi on Sunday announced Rs 10,000 crore 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, while addressing Nepal Constituent Assembly, said for Nepal, "India has decided to provide Nepal with NRs 10,000 crore (USD 1 billion) as concessional line of credit for various development purposes."

Signing of agreements between India and Nepal in Kathmandu. (Photo: ANI Twitter)

"This amount is separate from the previous assistance that India has already provided to Nepal," Modi, the first Indian Prime Minister to visit the country in 17 years, said.

Earlier, India had provided USD 250 million line of credit to Nepal through the Exim Bank of India.

The new grant will be utilised for infrastructure development and energy projects as per Nepal's priority, according to Nepalese Foreign Ministry.[/quote]