India has announced a $5 billion line of credit to Bangladesh during Prime Minister Sheikh Hasina's visit to New Delhi.
Published : 08 Apr 2017, 02:35 PM
Prime Minister Narendra Modi made the announcement during the joint media briefing at the Hyderabad House after his one-on-one-meeting with Hasina and the bilateral talks.
Modi rolled out a $4.5 billion line of concessional credit for the implementation of projects in Bangladesh. This brings India’s funding for Bangladesh to more than $8 billion over the past six years.
Announcing an additional $500 million to Bangladesh for military supplies, Modi said: “In implementing this line of credit, we will be guided by Bangladesh’s needs and priorities.”
India expanded its co-operation for energy security which in Modi’s words is an “important dimension of our development partnership”.
“Our energy partnership continues to grow.”
The supply of another 500 megawatts has already been committed from the existing inter-connection.
India also agreed to finance the diesel oil pipeline from Numaligarh in India to Parbatipur.
Companies are entering a long-term agreement for the supply of high-speed diesel to Bangladesh, according to Modi's statement.
“We have also agreed on a timetable for regular supply till the pipeline is constructed.”