As with previous LoC agreements, Bangladesh will pay an interest rate of 1 percent a year. The agreement was signed in the presence of Indian Finance Minister Arun Jaitley and Bangladesh Finance Minister AMA Muhith at the Ministry of Finance on Wednesday, following a meeting. Economic Relations Division Secretary Kazi Shofiqul Azam signed the deal on behalf of Bangladesh, while Managing Director of the Export-Import Bank of India (Exim) David Rasquinha signed for India. The Indian finance minister’s trip to Bangladesh was used to finalise the agreement. In 2010 India extended its first LoC to Bangladesh with a $1 billion loan agreement.

Source: bd News24 October 04, 2017 06:11 UTC