In a recent move the Union government has approved a massive $4.5 billion Line of Credit to Bangladesh for financing its infrastructure projects, in sectors like shipping, ports, roads and power. This largest credit ever will build big projects across infra sectors, Economic Affairs Secretary Subhash Chandra Garg said, adding that in this connection both the countries have worked out a joint interpretive note with Bangladesh to update Bilateral Investment Promotion Agreement to their new investment framework. Bangladesh will be using the Line of Credit for funding 17 priority infrastructure projects and that India will be giving this credit at an interest rate of 1% a year, which Bangladesh has to repay over a period of 20 years with a grace period of five years. India is determined to be a part of Bangladesh's economic development and for its own interest India needs a strong, stable and developed Bangladesh.
📅Published on:
06 October 2017
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