Line of Credit projects of India to continue: Finance Advisor

Finance and Commerce Advisor Dr Salehuddin Ahmed said the Indian Line of Credit projects would continue considering its importance for the country on Tuesday (September 10).

"Already, the projects India have with us are big projects and we'll continue those as those are not small projects and we'll take another big project for the benefits of ours," he said.

The adviser was responding to queries of reporters after Indian High Commissioner to Bangladesh Pranay Verma met him at the Finance Ministry at Bangladesh Secretariat here.

Salehuddin said, "We've assured him (Indian High Commissioner) that Bangladesh is a very good place for investment and economic cooperation. They (Indian side) have taken note and they will continue the cooperation".

Expressing gratitude for India's ongoing support, Dr Salehuddin highlighted the mutual benefits of future collaboration. "We are looking forward to enhanced cooperation."

Replying to another question, he said that the issues regarding the implementation and disbursement of the three Indian Line of Credit projects were discussed in the meeting.

Mentioning that India is a next door and a big neighbor of Bangladesh, Dr Salehuddin, also in charge of the Ministry of Science and Technology, said both India and Bangladesh have many areas of economic cooperation and trade while they discussed how to enhance the existing economic cooperation.

Regarding the Indian Line of Credit projects to Bangladesh, the adviser said that the existing Indian-funded projects are very important for Bangladesh and those were undertaken considering the needs of the country.

"There were some issues relating to disbursement and we're sorting those out," he said, adding that there would be some future projects with Indian funding.

"We'll not stop on whatever we have got and we'll talk about those projects ...funding of the projects and also their implementation part," he added.

Regarding the bilateral trade volume, the adviser said although there is a bilateral trade deficit that tilts in favor of India, the issue would be sorted out.

He informed that the Indian high commissioner had assured him that they would encourage more quality export of Bangladeshi products to India and that should be a win-win situation for both the countries.

The Indian side also offered support to Bangladesh in the fields of science and technology, scientific research, and laboratory, he continued.

The Indian envoy said his country has not stopped any of its Line of Credit projects to Bangladesh since those are big projects.

"Those projects are going on and those are very big projects and located at different sites. So, the contractors will be coming back to start the projects," he added.

Replying to another question on the Indian government's engagement with the interim government of Bangladesh, Pranay said, "Of course, we're very closely engaging with the government and my meeting with the adviser is proof of that".

He said the revolving issue of implementation of projects would be resolved through cooperation while the approach of the Indian side is positive in this regard.

The Indian envoy said that he briefed the adviser about the progress made on some Indian funded projects adding that the approach in this regard was to move forward.

He said that the Indian side was very happy to take forward its Line of Credit projects under its development cooperation as Bangladesh had already identified those as beneficial for them.

Bangladesh and India have signed three line of credit agreements so far: the first, involving $862 million, was signed in August 2010; the second, totaling $2 billion, in March 2016; and the third, worth $4.5 billion, in March 2017.