Finance minister to discuss reconstruction projects during India visit

Kathmandu February 7- Some of the key reconstruction projects under Indian assistance will be finalized during Finance Minister Bishnu Paudel’s visit to New Delhi that is scheduled from Sunday to Tuesday.

The Indian government had pledged support of $1 billion for rebuilding the infrastructure that was ravaged by the devastating earthquakes of April and May at the International Conference on Nepal’s Reconstruction (ICNR) held on June 25, last year.

Keeping with this commitment, the government of India has been preparing to announce some crucial projects during the upcoming visit of Prime Minister KP Sharma Oli to India. For this purpose, a delegation led by Minister Paudel will finalise some reconstruction projects that are going to be implemented under Indian assistance.

Baikuntha Aryal, head of the International Economic Cooperation Coordination Division at the Ministry of Finance, said that Minister Paudel will propose some reconstruction projects during a meeting with his counterpart Arun Jaitley on Monday. Of the $1 billion that India has pledged, 25 per cent of the pledged amount will be provided as grant for the country’s reconstruction drive.

The government has set a target to rebuild the earthquake ravaged structures within five years.

“Issues of bilateral economic cooperation will also be discussed,” Aryal informed.

The government of India had also announced concessional line of credit facility worth $1 billion when Indian Prime Minister Narendra Modi was on a visit to Nepal for the first time in August 2014. Projects that will be able to utilise this line of credit facility are yet to be discussed and the Nepali delegation has also prepared a list of some projects that could utilise the line of credit facility.

“Our priority will be reconstruction projects based on country’s need,” said Aryal.

Finance Minister Paudel’s visit to India has been considered as a preparatory visit of Prime Minister Oli’s upcoming visit to India. Minister Paudel is scheduled to meet with Foreign Minister of India, Sushma Swaraj, on Sunday.

Foreign Secretary Shankar Das Bairagi, Finance Secretary Lok Darshan Regmi, Joint Secretary Aryal and Minister Paudel’s Aide and Under Secretary Dhani Ram Sharma will be the part of the delegation.  Source: TKP