India offers $10 billion investment, $5 billion loan to Bangladesh

Bangladesh’s Prime Minister Sheikh Hasina enters the General Assembly Hall to speak during the 71st United Nations General Assembly in Manhattan, New York, U.S. September 21, 2016. REUTERS/Eduardo Munoz/Files

DHAKA: India will invest up to $10 billion in Bangladeshi sectors including infrastructure and medicine and will provide $5 billion in loans, including $500 million in military assistance, Prime Minister Sheikh Hasina said on Tuesday.

Hasina returned to Bangladesh on Monday after a four-day state visit to India, leading a 280 member business delegation including 40 senior government officials and ministers.

“The offers of investment and loans were given by the Indian government and private entrepreneurs during my visit to New Delhi,” she told reporters during a news conference.

“Both investments and credit will be used for the development of several sectors including power and energy, logistics, education, medical, infrastructures and rail, road and waterways.”

Hasina said the military assistance included training for military personnel to ensure peace in border areas, and joint patrols and drills in international sea areas.

Hasina said the loan would also be used to purchase military equipment.

The credit for the military sector has been given with 1 percent interest to be repaid over the next 20 years.

Separately the Indian High Commission in Bangladesh said on Tuesday that during the visit India signed an agreement to facilitate debt for the construction of facilities producing 1,320 megawatts of electricity in Bangladesh.



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