Consider the following statements about the Kosi Project:

1. The Project is an agreement between India and Nepal.

2. The objectives of this Project are irrigation and power generation only.

Which of the statements given above is/are correct?

The Kosi River is also known as the Sorrow of Bihar, due to its devastating floods and frequent changes in its course. In order to tame the river, and save precious lives and property from its annual fury, an agreement was signed with Nepal in 1954 (revised in 1961). Thus, it is an international project. The entire plan is executed by India, but the benefits are shared both by India and Nepal.

The chief objectives of this project are irrigation, flood control, power generation, land reclamation, fishing and navigation.