Transforming Ties: $5 billion boost for India-Bangladesh connect

India and Bangladesh have pitched their burgeoning relations onto a higher trajectory by signing 22 agreements in diverse areas, including two crucial defence agreements and another one on civil nuclear energy cooperation. New Delhi has raised the bar for development and strategic cooperation by unveiling a combined package of $5 billion in new Lines of Credit for Dhaka.
The agreements were signed after wide-ranging talks between Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina in the Indian capital on April 8.
India announced a new line of concessional credit of $4.5 billion for implementation of a wide array of projects in Bangladesh and another $500 million LOC for defence procurement by Bangladesh. The new credit package has made Bangladesh the biggest recipient of Lines of Credit for India and positioned New Delhi as a leading development partner of Dhaka.
Defence and security cooperation has received a big boost with Mr Modi announcing a Line of Credit of $500 million to support Bangladesh’s defence related procurement. “In implementing this line of credit, we will be guided by Bangladesh’s needs and priorities,” he stressed.
Pushing the envelope for bilateral relations, Mr Modi outlined new areas of cooperation, including “some high-technology areas, that have a deeper connect with the youth in both our societies.” “These would include working in the fields of Electronics, Information Technology, Cyber Security, Space exploration, Civil Nuclear Energy, and others areas,” he said.

Read More