New Delhi, May 4 The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave ex-post facto approval to the MoU on $4.5 billion third Line of Credit (LoC) to Bangladesh for implementation of developmental projects.
The MoU – signed during Bangladesh Prime Minister Sheikh Hasina’s April visit – provides for deepening the strategic partnership, development of infrastructure in Bangladesh and improving connectivity between India and Bangladesh, thus enhancing accessibility to India’s northeast region.
It also proposes creating new business opportunities for Indian companies in Bangladesh.
The MoU provides an opportunity to ensure that projects of India’s interest are undertaken under this Line of Credit, a cabinet communique said.
“Some of the projects will ensure better and faster connectivity to the northeastern region of India with the mainland as well as to the outside world. They will also ensure India’s security and will open up business for Indian companies,” it added.