Bangladesh, India ink $4.5bn 3rd LoC deal

Bangladesh signed US$4.5 billion third Line of Credit (LoC) agreement with India on Wednesday in presence of Finance Minister AMA Muhith and Indian Finance and Corporate Affairs Minister Arun Jaitley, reports BSS.

Economic Relations Division (ERD) Secretary and Managing Director of Indian EXIM Bank signed the agreement on behalf of their respective sides at the Finance Ministry in the city.

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

This will bring the total quantum of credit lines extended by India to Bangladesh over the last six years to $8 billion. Signing of the Third Dollar Credit Line Agreement will enable the implementation of a number of key infrastructure priority projects of Bangladesh.

Finance Minister Arun Jaitley will also attend an event titled "Macroeconomic Initiatives of the Government of India: Financial Inclusion Demonetization and Cashless Economy" around 11.40am on the day at Sonargaon Hotel in the city which will be organised by the Policy Research Institute of Bangladesh and the High Commission of India.