India delivers $50mn Sunday

India will hand over the first tranche of the $200 million grants in line of the $1 billion credit Sunday.

Visiting External Affairs Minister Salman Khurshid said Saturday he would deliver $50million in the presence of Prime Minister Sheikh Hasina.

“I am happy to announce that we are ready now to release the first tranche of US $50 million of the total grant of US $200 million soon for projects of priority to Bangladesh,” the minister announced at the joint press briefing after the second meeting of the India-Bangladesh Joint Consultative Commission (JCC).

Finance Minister AMA Muhith earlier said the grants would be used for the Padma bridge project as and when they implement the biggest-ever infrastructure project with their own resources.

India and Bangladesh signed $1 billion line of credit in Aug 2010 of which $200 million is grants.

The JCC meeting reviewed the progress made to the gamut of bilateral cooperation including the projects taken up under the line of credit.

The External Affairs Minister said the entire consignment of buses had been delivered to Bangladesh. “Delivery of railway rolling stock will commence in the coming days,” he said.