Indian Finance Minister Arun Jaitley has India is fully determined to be a part of Bangladesh’s economic development process. “For its own interest, India needs a strong, stable and developed Bangladesh,” he said while talking to the journalists after a meeting with Finance Minister AMA Muhith at the secretariat on Wednesday. “The interest for this loan is only 1% and it needs to be repaid in 20 years.”Earlier in the day, the government has signed a $4.5 billion Line of Credit (LOC) agreement with India. Bangladesh has two other LOCs open with India: the first one was signed in 2010, and the second one in 2016. These LOCs are collectively worth Tk3.06 billion, but till last year, Bangladesh government has been able to use only $576 million.

Source: Dhaka Tribune October 04, 2017 06:33 UTC