During the day-long visit of the Indian Prime Minister Narendra Modi to Nepal, the government of India and Nepal signed six Memorandums of Understandings (MoUs) to strengthen ongoing cooperation and bilateral partnership between the two countries. The agreement was signed after having the bilateral talks.
PM Modi visited Lumbini, the birthplace of Buddha on Buddha Purnima (May 16th).
One of the MoU was signed for the development of the ‘Arun-4 hydroelectricity project’ between the two neighboring nations at $750 million. The project has an installed capacity of 695MW and will be jointly developed by India's Sutlej Jala Vidyut Nigam (SJVN), and Nepal Electricity Authority (NEA). currently, the SJVN is developing, the Arun-III hydroelectricity project in the Sutlej River with a generating capacity of 800 megawatts.
As per the agreement, SJVN and NEA would set up a joint venture company with a 51% stake and 49% stake respectively. Upon completion of the project, Nepal will receive 21.9% of free electricity.
Another agreement was signed between the Indian Council of Cultural Relations (ICCR) and Lumbini Buddhist University on the establishment of Dr. Ambedkar Chair for Buddhist Studies.
The ICCR also signed another agreement with the Centre for Nepal and Asian Studies at Tribhuvan University for the establishment of the ICCR Chair of Indian Studies at CNAS.
The ICCR signed its third agreement with the Kathmandu University (KU) on the establishment of the ICCR Chair of Indian Studies at Kathmandu University.
A letter of Agreement between Kathmandu University and the Indian Institute of Technology (IITM) was also signed for a joint degree program at the master’s level.