You are here: Home » International » News » Economy
Business Standard

Bangladesh expects $40 bn from China during Xi Jinping's visit

Bangladesh termed Xi's visit, ahead of the eighth BRICS summit in Goa from October 15-16, as a 'milestone'

Topics
Bangladesh

Press Trust of India  |  Dhaka 

Bangladesh flag
Bangladesh flag

is hoping to get billions of dollars from China as a credit during President Xi Jinping's maiden visit to Dhaka this week, the first by a Chinese head of state in 30 years, a media report said.

"Loan agreements of a record amount will be signed," State Minister for Finance and Planning M A Mannan said ahead of Xi's state visit scheduled for October 14.

Though Mannan did not make public the total amount of credit, a senior official of the finance ministry indicated that the amount could be in the region of $40 billion, bdnews24.Com reported.

Xi's visit, ahead of the eighth BRICS summit in Goa from October 15-16, will be a "milestone", Assistant Minister of Foreign Affairs Kong Xuanyou said in Beijing.

During his stay in Dhaka, Xi will call on President Abdul Hamid and hold talks with Prime Minister Sheikh Hasina.

Chinese Ambassador in Dhaka Ma Mingqiang at a seminar recently said the visit would take the Dhaka-Beijing relations to "a new height".

is expecting China as a partner in its infrastructure development.

State Minister for Foreign Affairs Mohammed Shahriar Alam said China expressed its willingness about extending the loans after seeing the "possibilities" that lie in

"We need big loans now for big infrastructures in order to build a developed Bangladesh within 2041," former Bangladesh Bank governor Muhammad Farashuddin said.

At least 21 projects on communication, power, fuel, information technology, industries and development of living standards are being discussed for Chinese support.

Those include four each of railways and road transport and power sectors, five on improving the standard of life, two on industries, and one each on fuel and Industrial Chemical Technologies (ICT).

Of these projects, the estimated loan to come for the Padma Bridge rail link project is $2.57 billion, Dhaka- Chittagong railway project $3.03 billion, Dhaka-Ashulia elevated expressway $1.39 billion, Sitakunda-Cox's Bazar marine drive expressway and coastal protection project $2.85 billion and four-lane Dhaka-Sylhet highway project $1.6 billion.

The ICT project that is likely to get $1 billion credit from China is about establishing digital connectivity.

Xi's visit to Bangladesh is regarded as significant as it is taking place after 30 years. In March 1986, then Chinese president Li Xiannian had visited the country.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 11 2016. 19:29 IST
RECOMMENDED FOR YOU
.