Nepal and EIB signed an umbrella agreement for financial cooperation on the 7th of May 2012 paving the way for major investments from EIB in Nepal's infrastructure and energy sectors. Following the agreement EIB has already committed a loan assistance of Euro 55 million for Tanahu Hydropower Project (140 MW) which has a total cost of US$500 million. EIB has also expressed its commitments on immediate additional concessional loan assistance of Rs. 1.5 billion for the same project. Talks are underway for EIB investment of $120 million for Kaligandaki-Marsyangdi Corridor Transmission Project, and $30 million for upgrading the Trishuli Corridor Transmission Line. Ms. Magdalena Alvarez Arza, Vice President of the European Investment Bank visited Nepal in June 2014 to work out on those commitments.