Thursday, 23 Mar 2017, 11:11

Published: Friday, 14 Oct 2016, 10:52 pm

$24 Billion loan agreement is to be signed during Xi Jinping's visit

China is set to sign off on loans worth over $24 billion to Bangladesh during President Xi Jinping's visit today, Dhaka's biggest foreign credit line to date that will help it build power plants, a seaport and railways.

Xi Jinping's trip, the first by a Chinese president in 30 years, is aimed at boosting China's involvement in infrastructure projects at a time when India is pushing investments of its own in Bangladesh, a country New Delhi considers its area of influence.

Japan, helped by India, has also got involved in Bangladesh, offering finance at low interest rates to build a port and power complex, sharpening competition for influence in the country of 160 million people.
 

 

China plans to finance around 25 projects, including a 1,320 megawatt (MW) power plant, and is also keen to build a deep sea port, Bangladesh junior finance minister MA Mannan said.

"Xi's visit will set a new milestone. (A) record amount of loan agreements will be signed during the visit, roughly $24 billion," he told Reuters.

Among the proposed projects are highways and information technology development, he said. "Our infrastructure needs are big, so we need huge loans."

43A Railway Pde Lakemba, NSW 2195
email: editor@amardesh24.com
Copyright © 2016. Allright Reserved amardesh24.com