India commits $340 million soft loans to Nepal

Kathmandu: India on Sunday committed soft loans amounting to USD 340 million to Nepal for infrastructure projects.

Railways Minister Suresh Prabhu, who arrived here yesterday to attend the 'Nepal Infrastructure Summit 2017', signed a letter of exchange with Nepalese Minister for Physical Infrastructure and Planning Ramesh Lekhak in which India committed a bridge project and 15 road projects totaling USD 340 million soft loans to Nepal.

Prabhu also called on Nepal's President Bidya Devi Bhandari at Rastrapati Bhawan here and discussed key issues in the bilateral relations.

During the meeting, the two leaders discussed bilateral relations, according to a press release issued by the President's office.

Prabhu is in Nepal to attend 'Nepal Infrastructure Summit 2017' that is being organised by the Confederation of Nepalese Industries (CNI) in association with the Nepal government and Youth Community for Nepalese Contractors (YCNC) to be held between February 19-20.

The minister, who is the guest of honour and keynote speaker at the summit, said the infrastructure meet would be pivotal for accelerating Nepal's economic growth at a time when the country is striving to graduate to the league of developing nations.