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First Indian Credit Line enhanced to $862 million

First Indian Credit Line enhanced to $862 million. India had extended a line of credit of US$ 1 billion to the Government of Bangladesh in January 2010 for a range of projects in the railways, communications, infrastructure and other sectors.

Out of this amount, US$ 200 million was converted to grant which has been fully disbursed to the Government of Bangladesh.

Based on further negotiations, India and Bangladesh agreed to enhance the remaining Credit Line amount of US$ 800 million to US$ 862 million. This was done to cater for increase in expenditure on the Khulna-Mongla and the Kalaura-Shabazpur railway line projects.

EXIM Bank of India and ERD Division of the Ministry of Finance, Government of Bangladesh have now concluded all necessary formalities and signed the Second Amendatory Agreement raising the amount of the first credit line from US$ 800 million to US$ 862 million.

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