$2 billion boost for India-Bangladesh ties

DHAKA: Taking developmental cooperation with Bangladesh to new heights and projecting New Delhi as a partner in the success of Dhaka, India’s Prime Minister Narendra Modi has unveiled a new line of credit of $2 billion for Bangladesh, the largest single LOC for any country committed by India.

The $2 billion LOC has raised the bar for India’s engagement with Bangladesh and is set to bring the two neighbours in a web of trade, connectivity and shared prosperity. The previous Manmohan Singh government had announced $1 billion Line of Credit during Sheikh Hasina’s visit to New Delhi in 2010.

“Our development partnership is scaling new heights. The quick implementation of the line of credit of $800 million and full disbursement of $200 million in grant is a tribute to our cooperation,” said Mr Modi at a joint media interaction with Sheikh Hasina.

“We are pleased to extend another line of credit of $2 billion to support infrastructure and other development activities in Bangladesh,” he said on the first day of his historic visit to Dhaka.

Projecting a narrative of interlinked destinies and shared prosperity, Mr Modi said: “Now, we are successful fellow travelers on the road to development. Our growing cooperation is a picture of my deeply held belief in the shared prosperity of neighbours. That is why the future I dream for India is the future I wish for Bangladesh.”

To fructify this vision of shared prosperity, the two countries took a host of steps to enhance connectivity, including the launch of two new bus services.

“Connectivity by road, rail, rivers, sea, transmission lines, petroleum pipelines and digital links will increase. Today, we have unveiled some of the pathways to this future,” said Mr Modi.

In a historic move, India and Bangladesh signed a territory swap deal on June 6 that brought the curtains down on their decades-old dispute.

Author Profile

India Writes Network: India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. Centre for Global India Insights is the research arm of India Writes Network. To subscribe to India and the World, write to editor@indiawrites.org. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs.