India cabinet gives ex post facto nod to $5b LoC for Bangladesh
The Indian cabinet today gave ex post facto approval to the Memorandum of Understanding (MoU) on the US $4.5 billion line of credit to Bangladesh for implementation of developmental projects.
The MoU got the approval in a meeting, chaired by the country's Prime Minister Narendra Modi in India's capital, reports our New Delhi correspondent.
The MoU, signed during the visit of Prime Minister Sheikh Hasina to India in April this year, provides for deepening the bilateral strategic partnership, development of infrastructure in Bangladesh, improving connectivity between the two countries, "thus enhancing accessibility to our North Eastern region as well as creating new business opportunities for Indian companies in Bangladesh," said an official statement.
The concessional financing to Bangladesh would strengthen bilateral relations and development cooperation between India and Bangladesh, it said.
The MoU specifies a list of projects which will be undertaken under the concessional loan and this provides an opportunity to ensure that projects of India's interest are undertaken under the LoC, according to the statement.
Some of the projects will ensure better and faster connectivity to the North Eastern region of India with the mainland as well as to the outside world. They will also ensure India's security and will open up business for Indian companies, said the statement.