Nepal, India ink two major deals including BIPPA
BIPPA a calculated gamble: PM
By Akhilesh Upadhyay and Mahesh Acharya
in The Kathmandu Post
Nepal and India singed two major agreements, including the much-talked about Bilateral Investment Promotion and Protection Agreement (BIPPA), here late on Friday (yesterday). This brings to a close days of hectic negotiations and speculations over the fate of BIPPA, which India has sought to protect security for its investments in Nepal.
Minster for Industry Anil Kumar Jha and Indian Finance Minister Pranab Mukherjee signed the agreement at Hyderabad House, the government venue for high-level negotiations in India. Prime Minister Baburam Bhattrai and his counterpart Manmohan Singh were present at the signing.
The two sides also agreed to a $250-million line of credit to finance infrastructure projects such as highways, airports and bridges. The credit line was announced during President Ram Baran Yadav’s state visit to Delhi last year. In the run-up to the visit, PM Bhattarai is known to have pitched for a $1 billion and was expecting even more, government sources said. India responded positively, according to officials. Continue reading