India gives USD 72.55 million line of credit to Laos

INDIA-LAOS

Rakesh Mohan Chaturvedi
Vientiane (Laos) Sept 10 (PTI) Giving a further boost
to its relations with ASEAN countries, India on Friday
announced a line of credit worth USD 72.55 million to Laos for
undertaking hyrdo-electric projects, pushing its total
investments in this country to USD 162 million.
The two countries also renewed a three-year cultural
exchange programme from 2011-13 which will facilitate closer
cooperation in the field of education, health, culture and
art, youth affairs and sports, and mass media.
President Pratibha Patil, who is here on a visit, told
her Laos counterpart Choummaly Sayasone that India will grant
a line of credit worth USD 72.55 million for two projects.
"Laos had requested on February 1, 2010 for a line of
credit of USD 72.55 million for two hydro-electric projects.
In today's talks, the President announced the line of credit,"
Vijaya Latha Reddy, Secretary (East) in the Ministry of
External Affairs, told reporters, after the meeting.
The line of credit is for 230 KV double circuit
transmission line from Nabong to Thabok and sub-stations worth
USD 34.68 USD, and 15 MW Nam Boun 2 hydro project worth USD
37.86 million, Indian officials said.
Indian Ambassador to Laos Jitendra Nath Misra said
India's investment in the country - including those already
spent and the ones pledged - have reached USD 162 million
after the USD 72.55 million line of credit announced today.
Laos has requested for another line of credit worth
USD 30 million for development of irrigation projects in four
provinces and this is under process, sources said.
Patil and her counterpart Sayasone commissioned the
Paksong-Jiangxai-Bangyo transmission line project worth USD 18
million at the Ho Kham Palace here.
"India gave a line of credit of USD 33 million in 2008
for development of three projects. Angelique International is
the implementing agency and WAPCOS is the project management
consultant for them. On the Laos side, it is Electricity
Commission of Laos," Reddy said.
Patil and Sayasone held a one-on-one meeting which was
followed by a meeting of senior officials of the two
countries.
Reddy said Laos was a good investment destination for
India, especially in the field of power transmission and
irrigation projects.
India at present extends 94 per cent duty-free tariff
to Lao and plans to make it 100 per cent in the near future.
"Unfortunately we are not the largest trading partner
of Laos for various reasons," Reddy said. PTI RC RET
MRD


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