India announces NPR 1,000 crore aid to Nepal for post-quake reconstruction

India on Thursday announced a Nepalese rupee 1,000 crore (INR 625 crore) grant for Nepal's reconstruction bid during the seventh meeting of the Nepal-India joint commission at the foreign ministerial-level, 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.

The agreement was signed during the visit of Indian external affairs minister S. Jaishankar to Kathmandu. Jaishankar arrived in the Nepalese capital on a two-day visit on Thursday and paid a courtesy call on President Ram Chandra Poudel and Prime Minister Pushpa Kamal Dahal, also known as Prachanda.

The other three agreements are the implementation of 'High Impact Community Development Projects' in Nepal for which India will provide NPR 200 million for each small project in its neighbouring nation.

Another agreement is for the long-term power trade between the two countries, wherein Nepal can export up to 10,000 MW of energy in the next 10 years.

Likewise, both sides have launched a service agreement for nano satellites developed by Nepal Academy of Science and Technology. The pact was signed between the Nepal Academy of Science and Technology and NewSpace India Ltd.

An official said the nother MoU was for cooperation in renewable energy development between Nepal Electricity Authority and India's NTPC Ltd.