India has signed the 2nd line of credit (LOC) agreement extending Two billion dollars in development financing to Bangladesh for undertaking various development projects. This credit line will be provided through Export and Import Bank of India (Exim Bank), India’s external lending arm. It is Exim Bank’s biggest ever LOC facility given to another country. The development financing will be used in the infrastructural projects like power sector, road transportation, railways, shipping, information & communication technology (ICT) and social sector projects like health and technical education.
Background:
The financing deal comes after Prime Minister Narendra Modi in June 2015 had announced new credit line to Bangladesh during his official visit to Dhaka. It follows India’s earlier one billion dollar in assistance provided to Bangladesh in 2011 for infrastructure development.
India and Bangladesh sign $2 billion Line of Credit
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