Nepal and India have reviewed the progress of projects which are at various stages of implementation during a 10th India-Nepal line of credit review meeting held in Kathmandu on Thursday.

Both sides appreciated the strong cooperation in the India-Nepal developmental partnership, including through the line of credits extended to Nepal, the Indian Embassy in Kathmandu said in a statement.

The meeting was led by Shreekrishna Nepal, joint secretary at the Ministry of Finance and included officials from several departments involved in the execution of projects under the line of credit. From the Indian side, the meeting was led by A. Ajay Kumar, joint secretary, (development partnership administration-I), Indian Ministry of External Affairs, and comprised of officials from the embassy and the EXIM Bank.

Site visits to ongoing road projects being built with the line of credit were also carried out by the visiting Indian delegation on August 9 and 11.

The line of credit portfolio of the Indian government is over USD30 billion and is spread across over 60 countries. In Nepal, it includes four line of credits: USD 100 million, USD 250 million, USD 550 million and USD 750 million, totalling USD 1.65 billion, according to the statement.

So far, these lines of credit have financed more than 40 road projects six projects in hydropower and transmission lines, and several others in housing and reconstruction, the statement said.