India to invest $10 billion in Bangladesh
The Dollar Business Bureau
India is ready to make an investment of $10 billion in Bangladesh for the development of its sectors such as infrastructure, power and energy, logistics, education, medical, rail, road and waterways and medicine, said Bangladesh Prime Minister Sheikh Hasina after returning from a four-day tour visit to India.
The PM also informed that Indian government will be extending a loan of $5 billion, out of which $500 million will be used for consolidating the Bangladesh military. The monetary assistance will be specifically used for training the military personnel to ensure peace in border areas, and joint patrols and drills in international sea areas. The amount will also be invested in purchasing military equipment.
"The offers of investment and loans were given by the Indian government and private entrepreneurs during my visit to New Delhi," said Hasina.
The loan, which has been given at the interest rate of 1 per cent, will have to be repaid by Bangladesh over the next 20 years.
India has also signed agreement with Bangladesh to provide help in the construction of facilities producing 1,320 megawatts of electricity. The information was shared by the Indian High Commission based in Bangladesh.During her visit, Sheikh Hasina was accompanied by a 280 member business delegation including 40 senior government officials and ministers.