India announced to give Nepal a grant of Rs (Nepalese Rupee) 1,000 crore for rebuilding efforts at the seventh Nepal-India Joint Commission meeting at the Foreign Ministerial-level on Thursday, an official said.
Earlier, following the devastating earthquake in 2015 in the Himalayan nation, India had announced a $1 billion grant and loan for Nepal’s reconstruction bid.
The newly announced assistance of Rs 1,000 crore, however, is a fresh one, an official said.
Indian External Affairs Minister, S. Jaishankar, who was on a two-day visit to Kathmandu, signed the agreement.
He also met President Ram Chandra Poudel and Prime Minister Pushpa Kamal Dahal, also known as Prachanda, as a gesture of respect.
Three more agreements were signed between the two countries.
One was for ‘High Impact Community Development Projects’ in Nepal, for which India would fund NPR 200 million per project.
Another was for long-term power trade, which would allow Nepal to export up to 10,000 MW of energy to India in the next decade.
The third was for a Service Agreement for a nano satellite that Nepal Academy of Science and Technology had developed. Nepal Academy of Science and Technology and NewSpace India Limited were the signatories of this agreement.
An official also mentioned that there was an MoU for cooperation in Renewable Energy Development between Nepal Electricity Authority and NTPC Limited, India. (Edited)