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.”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.Proposing a model development formula for Nepal, Modi said, “I want to HIT Nepal”, drawing wide applause from the lawmakers. Elaborating his strategy, Modi said HIT in his lexicon implies – H:Highways, I:I-ways and T:Transways.
He said these three combined together would pave the way for rapid development of the country and India wants to “give this gift at the earliest”.
This is the second time a foreign leader was addressing the Nepalese Constituent Assembly. Earlier in 1990, the then German Chancellor Helmut Kohl had delivered a keynote speech to the Constituent Assembly.
The third agreement relates to cooperation between Nepal Television and Doordarshan, the state-owned television stations of both the countries. Along with Koirala, Deputy Prime Ministers Bam Dev Gautam and Prakash Man Singh were also present at the airport.
During their talks, Modi and Koirala discussed various issues including Nepal’s peace process and constitution-drafting process as well as economic issues. They also touched upon various facets of mutual relations and issues of common interest.
On his way to the Constituent Assembly, Modi stopped his convoy to meet common people. In his address, Modi told the lawmakers, “Being your neighbour and seeing our experience as a democracy we feel happy at the direction in which you are going. Our only wish is that Nepal’s progress reaches as high as the Himalayas.”
Modi said India would help Nepal in constructing highways for better connectivity. India will provide assistance to the country for developing information highways so that “Nepal should not be left behind among the nations of the world.”
