Dhaka, Wednesday, 23 May 2018
Bangla Insider

3rd $4.5b. LoC Agreement Signed between India & BD

News Desk
Published on : 04 October 2017, 12:20 PM
3rd $4.5b. LoC Agreement Signed between India & BD

Bangladesh and India on Wednesday signed the final agreement of $4.5 billion third Indian Line of Credit (LoC).

Economic Relations Division (ERD) of Bangladesh and EXIM Bank of India signed the deal.

Indian Finance Minister Arun Jaitley and Finance Minister AMA Muhith were present in the signing ceremony held at Bangladesh Ministry of Finance

During the visit of Prime Minister Sheikh Hasina to India in April 2017, an Indian Line of Credit of US $4.5 billion was announced for Bangladesh.

This deal brought the total quantum of credit lines extended by India to Bangladesh over the last six years to US$ 8 billion.

The signing of the Third Dollar Credit Line Agreement will enable the implementation of a number of key infrastructure projects of priority to Bangladesh, an official told UNB.

In addition, the `Joint Interpretative Notes on the Agreement between India and Bangladesh for the Promotion and Protection of Investments` was also be signed in the presence of the two Ministers.

As many as 17 projects have been identified for funding with the new line of credit, all of which got the green light from the Indian Exim Bank.

Both the countries will give more emphasis on transparency and integrity than the conditions for implementation of projects under the 3rd LoC to ensure the quality of works and expedite implementation of projects.

 

Source: UNB

Bangla Insider/ MA

Tags: Bangladesh , India