Staff Reporter :
Finance and Commerce Adviser Dr Salehuddin Ahmed reaffirmed on Tuesday that the Indian Line of Credit (LoC) projects will continue, emphasising their importance for Bangladesh’s development.
“The projects they [India] have with us are significant, and we will continue with those.
We will also undertake another major project for our benefit,” said Dr Salehuddin, expressing Dhaka’s anticipation of enhanced cooperation with New Delhi.
His comments followed a meeting with Indian High Commissioner to Bangladesh, Pranay Verma, at the Finance Ministry at Bangladesh Secretariat.
The adviser’s remarks come amidst concerns regarding the timely implementation of projects funded under India’s three LoCs, following the recent ousting of the Sheikh Hasina-led Awami League government after a mass uprising.
During the meeting, both sides discussed the ongoing economic cooperation and explored avenues to further strengthen bilateral ties.
Dr Salehuddin indicated that the issues surrounding the implementation and disbursement of the Indian LoC projects were also raised.
Referring to India as a “big neighbour”, he said both countries have several areas of economic cooperation and trade, and that discussions were focused on enhancing this relationship.
The adviser further explained that the existing Indian-funded projects are critical for Bangladesh, as they were initiated based on the country’s developmental needs.
“There were some issues relating to disbursement, but we are working to resolve them,” he said, adding that future projects funded by India are also on the horizon.
High Commissioner Verma assured Dr Salehuddin that India would continue encouraging the export of Bangladeshi products to India, stating that such initiatives would be mutually beneficial for both nations.
On the topic of bilateral trade, Dr Salehuddin acknowledged the trade imbalance that currently favours India but expressed optimism that it could be addressed in future discussions.
Verma, reaffirming India’s close engagement with Bangladesh’s interim government, said, “My meeting with the adviser is proof of our close cooperation.”
He also briefed the adviser on the progress made in some Indian-funded projects and stressed India’s commitment to moving forward with its development cooperation.
India and Bangladesh first signed a line of credit agreement worth $862 million in August 2010.
This was followed by a second agreement for $2 billion in March 2016, and a third agreement in 2017 for $4.5 billion.