Prime Minister Narendra Modi on Friday announced a Rs 4,500 crore financial assistance package towards Bhutan’s 12th five-year plan, PTI reported. Modi made the announcement after discussions with his Bhutanese counterpart Lotay Tshering in New Delhi.

Modi, in his media statement, said hydro power cooperation was a major part of its bilateral ties with Bhutan and that the Mangdechhu hydropower project is nearing completion. “Today we reviewed our collaboration in this important sector,” Modi tweeted. The Indian prime minister said 2018 marked the golden jubilee celebrations of diplomatic ties with Bhutan.

This was Tshering’s first foreign visit after he was sworn-in as Prime Minister in November. The Bhutanese prime minister thanked India for its continuous support towards his country.

Prime Minister Narendra Modi assured Tshering of India’s continual commitment towards their nation’s ties and development.

Tshering was given a ceremonial welcome at the Rashtrapati Bhavan on Friday, a day after his arrival. External Affairs Minister Sushma Swaraj also met him on Friday morning.

Raveesh Kumar, the Ministry of External Affairs spokesperson, said the two leaders had a “warm exchange of views” on important aspects of the bilateral relationship.

The Bhutanese prime minister also laid a wreath at Mahatma Gandhi’s ‘samadhi’ at Rajghat.