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India announces new $4.5bn line of credit for Bangladesh

  • Published at 08:30 am April 8th, 2017
  • Last updated at 07:17 pm April 8th, 2017
India announces new $4.5bn line of credit for Bangladesh
Indian Prime Minister Narendra Modi has announced a new line of credit of $4.5 billion for the implementation of projects in Bangladesh's priority sectors. “India has always stood for the prosperity of Bangladesh and its people. We are a long standing and trusted development partner of Bangladesh,” Modi said at a joint press briefing held after a meeting with Sheikh Hasina on Saturday. Modi noted that the new line of credit took India's resource allocation for Bangladesh in the last six years to over $8 billion. He also announced signing of an agreement on cooperation between India and Bangladesh's armed forces. “I am happy to announce a line of credit of $500 million for support of Bangladesh's defence-related procurement,” he said. Implementing the line of credit will be developed by Bangladesh based on need and priorities, he added. Hasina reached Delhi on Friday on a four-day state visit. The two countries signed 22 deals and  memorandums of understanding after Saturday's meeting.  
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