Kathmandu: Indian Prime Minister Narendra Modi on Saturday said he emphasized speeding up the Pancheshwar project during a meeting with his Nepali counterpart Sher Bahadur Deuba.
Making a joint statement following delegation-level talks, the Indian Prime Minister said the project would be a game-changer for the development of the region.
Pancheshwar Multipurpose Project is a bi-national hydropower project to be developed in the Mahakali River bordering Nepal and India. The project is covered under the integrated Mahakali Treaty signed between Nepal and India according to which, equal sizes of underground powerhouse i.e. of 3240 MW will be constructed on each side of the Mahakali River in India and Nepal. The two governments had signed Pancheshwar Project on February 12, 1996. However, even after two decades of signing the agreement, no progress has been reached so far.
“We expressed agreement on more participation of Indian companies in Nepal’s hydropower development projects. It is a matter of happiness that Nepal is exporting its surplus power to India. This will make positive contributions to the economic development of Nepal,” said Modi.
Saying that they discussed various aspects of cooperation, reviewed the progress of various projects, and also discussed the blueprint of the future, Modi said they agreed that Nepal and India must reap the benefits of the opportunities for cooperation in the power sector.
Our Joint Vision Statement on Power Cooperation will prove to be the blueprint of cooperation, in the future, said Modi.
The Indian Prime Minister said that India has been a firm companion in Nepal’s journey of peace, prosperity, and development and it will always be.
Praising the role of PM Deuba in developing India-Nepal relations, Modi said that the friendship between India and Nepal and such an example of a relationship between the people of the two countries can’t be seen anywhere else in the world.