India Announces Fresh Rs 1,000 Crore Grant for Nepal’s Reconstruction
India declared a fresh grant of Rs 1,000 crore for Nepal’s reconstruction during the seventh meeting of the Nepal-India Joint Commission at the Foreign Ministerial level. This additional assistance is in addition to the $1 billion grant and loan announced earlier after the 2015 earthquake in Nepal. The agreement, among several others, was signed during the visit of India’s External Affairs Minister, S. Jaishankar, to Kathmandu.
The bilateral discussions also covered the implementation of ‘High Impact Community Development Projects,’ a long-term power trade agreement allowing Nepal to export up to 10,000 MW of energy to India in the next decade, and a Service Agreement for a nano-satellite developed by Nepal Academy of Science and Technology in collaboration with NewSpace India Limited.
Another memorandum of understanding focused on cooperation in renewable energy development between Nepal Electricity Authority and NTPC Limited, India.
