6.10.17

Bangladesh Signs $4.5-b Line of Credit with India

Bangladesh signed a whopping $4.5 billion third line of credit agreement with India for its infrastructure and social sector development with finance minister Arun Jaitley pledging to back the country's development initiatives.

The agreement was signed in the presence of Jaitley and his Bangladeshi counterpart AMA Muhith after the two leaders held talks here.

“Bangladesh has developed significantly on the socio-economic front in the past seven years,“ Jaitley said following the signing of the deal. “We have stood by Bangladesh's attempts to develop and we will do so in the future.This significant agreement is a continuation of that effort,“ he said.

Speaking on the occasion, Muhith said, “Bangladesh and India have excellent relations at the moment.“

Jaitley also encouraged developing countries to emulate India's initiatives towards a less cash-based economy, saying excessive cash harms the poor, supports corruption and leads to terror activities. ­

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