India to increase credit line to Laos to meet development goals

Subscribe to Oneindia News

Vientiane, Sept 10 (ANI): To help Laos meet its development goals, India has decided to increase the line of credit to Vientiane for taking upgrading infrastructure in the field of transmission lines, hydro and irrigation projects.

This was decided during a meeting between President Pratibha Devising Patil and her Lao counterpart Choummaly Sayasone here.

Both sides have also agreed to strengthen ties in the fields of education, health and culture.

Secretary (East) in the Ministry of External Affairs, Vijaya Latha Reddy, said India has announced its first line of credit of 72.55 million dollars for two power projects in Laos.

"In today's talks, the President announced a line of credit worth 72.55 million dollars for the following two projects: 230 KV double circuit transmission line from Nabong to Thabok and 15 MW Mam Boun hydro power project," she said.

Latha Reddy also said that India is looking forward to stepping up its trade with Laos as there is greater scope for investments and services sector in this landlocked country.

She added that India may import minerals from Laos in the future. She also said both sides had agreed to have 100 percent duty free tariff preference, once Laos completes notification of the ASEAN Free Trade Agreement.

The high level talks were held at the Presidential Palace, "Ho Kham" between President Pratibha Devisingh Patil and her Laos.

Earlier in the day, President Patil inaugurated a power project of 115KV double line circuit constructed with India's help. By Praful Kumar Singh(ANI)

Please Wait while comments are loading...