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India provides NPR 1 Billion Tranche to Nepal Housing Reconstruction Project

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India hands over another NPR 1 billion tranche of Nepal Housing Reconstruction Project

On November 3, 2020, Indian Ambassador to Nepal,  Vinay Mohan Kwatra handed over a cheque of NPR (Nepalese Rupee) 1 Billion (~ INR 62.5 Crores) to Bishnu Prasad Paudel, Finance Minister of Nepal as reimbursement of Nepal Housing Reconstruction Project. 

Key Points:

i.The two sides also discussed issues of mutual interest and assistance, and ways to strengthen economic and development partnership.

ii.India announced a reconstruction drive in Nuwakot and Gorkha District of Nepal after it was severely hit by the 2015 earthquake. 

iii.It has pledged to construct a total of 50, 000 houses in the two districts. 

iv.India has partnered with United Nations Development Programme (UNDP) and United Nations Office for Project Services (UNOPS) for providing Socio-Technical Facilitation to the house owners to rebuild their homes as per Government of Nepal’s earthquake-resilient norms. 

v.In September, 2020, India handed over NPR 1.54 Billion (~ INR 96 Crore) to Nepal for post-earthquake reconstruction assistance in Nepal. 

Background:

i.The Nepal earthquake of 2015 also known as “Gorkha earthquake” had severely affected thousands of lives as well as the economy.

ii.India being Nepal’s immediate neighbour, responded immediately with Operation Maitri.  India provided rescue and relief  works through its armed forces. 

iii.India announced a post-earthquake reconstruction package of US$ 1 billion (which comprises US$ 250 million grant and US$ 750 million concessional Line of Credit).

Recent Related News:

i.On 22nd September, 2020, Ms. Namgya Khampa, Deputy Chief of Mission of Embassy of India, handed over cheques worth NPR (Nepalese Rupees) 1.54 billion (about INR 96 crore) to Mr. Sishir Kumar Dhungana, Secretary, Ministry of Finance of Nepal towards housing & school sector assistance.

About Nepal:
Prime Minister – K. P. Sharma Oli
Capital – Kathmandu
Currency – Nepalese Rupee (NPR)