Bangladesh signed a $4.5 billion third line of credit (LoC) agreement with India for its infrastructure and social sector development. The agreement was signed in the presence of Finance Minister Arun Jaitley and his Bangladeshi counterpart A M A Muhith.
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. Under the agreement, Bangladesh would have to purchase 65 to 75 percent of the services, goods or works from the Indian market with the money to be provided under the third LoC following the precedence of the previous two nearly identical agreements.
Important Takeaways from Above News-
- Sheikh Hasina is the PM of Bangladesh.
- Abdul Hamid is the President of Bangladesh.
Source- The Hindu Business Line