Finance and Commerce Adviser Dr Salehuddin Ahmed reaffirmed on Tuesday that Indian line of credit (LoC) projects will continue, underscoring their importance for Bangladesh’s development.
“These are significant projects, and we will continue them,” Dr Salehuddin said after a meeting with the Indian High Commissioner to Bangladesh, Pranay Verma, at the Finance Ministry in the Bangladesh Secretariat.
The Adviser emphasised the scale of these projects, dismissing any notion that they are minor.
During the discussion, Dr Salehuddin assured the Indian High Commissioner that Bangladesh remains an attractive destination for investment and economic cooperation. “The Indian side acknowledged this and indicated that cooperation will persist.”
Expressing gratitude for India’s ongoing support, Dr Salehuddin highlighted the mutual benefits of future collaboration. “We’re looking forward to enhanced cooperation.”
Regarding the implementation and disbursement challenges of the three existing Indian LoC projects, the Adviser noted that these issues were discussed, and the Indian side took note of them. India is a neighbour and a significant partner, Dr Salehuddin remarked, adding that the two countries explored ways to strengthen their economic ties further.
Addressing the importance of the Indian-funded projects, Dr Salehuddin emphasised that they were initiated based on Bangladesh’s own needs. “While there have been some disbursement issues, we’re in the process of resolving them.”
Looking ahead, the Adviser mentioned the possibility of new projects under Indian funding. “We won’t stop with what we have; discussions on future projects, their funding, and implementation are ongoing.”
Regarding the bilateral trade imbalance, which currently favours India, Dr Salehuddin acknowledged the issue but expressed optimism that it could be addressed. He noted that the Indian High Commissioner assured him of efforts to encourage more quality exports from Bangladesh to India, aiming for a win-win situation.
In addition to trade, India offered support to Bangladesh in science and technology, scientific research, and laboratory development.
High Commissioner Pranay Verma confirmed that India has not halted any of its LoC projects in Bangladesh, reiterating their significance. “These projects are ongoing and are major initiatives spread across various sites. Contractors will be returning to resume work.”
When asked about India’s engagement with Bangladesh’s interim government, Verma replied, “We are closely engaged with the government, and my meeting with the Adviser is evidence of that.”
Verma also addressed the challenges in project implementation, expressing confidence that these would be resolved through cooperation, with a positive approach from the Indian side.
The High Commissioner updated the Adviser on the progress of several Indian-funded projects, emphasizing the commitment to move forward.
Bangladesh and India have signed three lines of credit agreements so far: the first, involving $862 million, was signed in August 2010; the second, totalling $2 billion, in March 2016; and the third, worth $4.5 billion, in March 2017.
Memorial meeting on martyrs of student-led uprising on Sept 14
The government will hold a memorial meeting on September 14 in the capital to recall the contributions of the martyrs who led down their lives to the recent anti-discriminatory student-led mass uprising that led to ousting the Awami League government.
The decision was taken at the 2nd meeting of the Adviser's Council Committee meeting on Economic Affairs at the Finance Division Conference Room at Bangladesh Secretariat today with Adviser to the Interim Government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed in the chair.
After the meeting, Dr Salehuddin Ahmed, also in charge of the Ministry of Science and Technology, told reporters to hold the memorial meeting, some related expenditure would be involved while the necessary purchase in this regard would be made under the Direct Procurement Method (DPM).
The day's meeting approved a proposal in principle to this end. He informed that maximum Taka five crore expenditure would be made for the event to be held at the BICC in the capital.
Dr Salehuddin said the Adviser on the Ministry of Information and Broadcasting is looking about the preparations for the memorial meeting where the members of the martyred families and the students who took part in the movement are likely to present in the meeting.
