BD, India discuss simplifying process of LoC projects

Industry Desk: Bangladesh and India have discussed simplification of the implementation process of Indian Line of Credit (LoC) projects.
The issue was discussed at the 3rd meeting of the high-level project monitoring committee to review projects under Indian LoC held yesterday at the Economic Relations Division (ERD) in the capital.
The meeting was co-chaired by Sharifa Khan, secretary, ERD and Pranay Verma, High Commissioner of India to Bangladesh.
A delegation from Ministry of External Affairs (MEA), India, led by Special Secretary (ER & DPA) Probhat Kumar, was also present in the meeting.
Under LoC partnership, a total of $7.362 billion was allocated by India. Till date, contracts have been signed for around $2 billion out of which, around $1.344 billion has already been disbursed, said an ERD press release today.
Even, during the COVID 19 pandemic, the rate of disbursement against the LoC projects was higher compared to the disbursement of other development partners.
The release said both sides noted with great satisfaction that significant progress has been made under the Indian LoC agreements in recent days. (See Page-2)
(From Page-1)
Highlighting the friendly contributions of India during the Liberation War of Bangladesh, ERD secretary mentioned that India is one of the significant development partners of Bangladesh. With signing of the LoC Loan agreements, the development cooperation between these two friendly countries got a new momentum.
Sharifa said successful implementation of LoC projects will further strengthen this development ties in the days ahead.
The high commissioner of India mentioned that the development partnership with Bangladesh is based on the belief that prosperity and well-being of the two countries and nations are interrelated.
He also stated that this is one of the brightest manifestations of the deep friendship born out of the collective sacrifices during the Liberation War of Bangladesh in 1971.
Officials of ERD, Prime Minister’s Office, Finance Division, Ministry of Foreign Affairs, National Board of Revenue and Ministry of Home Affairs from Bangladesh side while officials from HCI, MEA, India and Exim Bank of India from Indian side joined the meeting.