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China to sign record US$25 billion in loans to Bangladesh :biggrin2:
President Xi's visit heralds timely assistance for infrastructure projects which have been languishing for nearly a decade due to lack of funds
By Syed Tashfin ChowdhuryDHAKA, October 14, 2016 3:32 PM (UTC+8)
The streets of Dhaka adorned with posters of Chinese President Xi Jinping and Bangladesh Prime Minister Sheikh Hasina and the flags of the two nations -- Photo credit Shamin Ahmed
Chinese President Xi Jinping arrived in Dhaka to a red carpet welcome on Friday amid expectations of a record US$25 billion in loan agreements involving over 25 projects being signed between the two countries.
Most of the deals will support major infrastructure projects in Bangladesh which have been languishing for nearly a decade due to lack of funds, although Foreign Minister Abul Hassan Mahmood Ali declined to divulge details.
However, on the eve of Xi’s visit, a planning ministry secretary told Asia Times: “Some of the prestigious infrastructure projects that may to get loans include the Padma Bridge rail link project (US$2.57 billion), the Dhaka-Chittagong Railway project (US$ 3.03 billion), Sitakundu-Cox’s Bazaar Marine drive expressway and coastal protection (US$2.85 billion) and the four-lane Dhaka-Sylhet high way project (US$1.6 billion).”
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The proposed 169 kilometer Padma Bridge rail link will be constructed in four sections connecting central Bangladesh with the south of the country.
The Dhaka-Chittagong railway project will include a double-track standard-gauge railway line between Dhaka and Chittagong cutting travel time by three hours.
The Dhaka-Sylhet Highway project will see the upgrade of a 226-kilometer highway from Kanchpur to Sylhet. As a part of the upgrade, 60 small bridges, four flyovers and 27 box culverts will also be built on the highway.
The 160-kilometer Marine Drive Expressway will eventually connect with the Asian Highway-41 and the Bangladesh–China–India–Myanmar (BCIM) Economic Corridor.
The official said other projects earmarked for Chinese support are in “the communications, power, fuel, and information technology sectors.”
Calls Asia Times to the Chinese embassy in Dhaka went unanswered.
In contrast to record loan agreements, India extended a US$2 billion credit line to Bangladesh during the visit of Prime Minister Narendra Modi to Bangladesh in March 2016.
Xi’s Bangladesh visit is also significant as the first by a Chinese president to Bangladesh in 30 years.
Speaking to Chinese news agency Xinhua, Bangladeshi premier Sheikh Hasina said on Wednesday: “China has become our largest trading partner and we consider it a trusted partner in realizing our dreams. China is the leading generator of many of our mega-projects in terms of finance, capitalization and technology.”
Ahead of Xi’s visit, China’s ambassador in Dhaka Ma Mingqiang said Chinese investment in Bangladesh would increase significantly.
Commenting on Xi’s visit, international expert Dr. Delwar Hossain told Asia Times: “Dhaka and Beijing’s bilateral ties are already strong. After this visit, this will reach the next level.”
Hossain, associate professor for the Department of International Relations at the University of Dhaka, added: “Through the visit and the said loan deals … China is considering Bangladesh as a strong bilateral partner in mutual economic growth. From Bangladesh’s end, most of the infrastructure projects have been languishing for seven to eight years. It is great we are getting the funding at a right time.”
Security was beefed up from Thursday ahead of Xi’s visit. The stretch of road which leads to Le Meridien, the hotel where he will be staying, has been closed to traffic for 24 hours from 10am on Friday.
http://www.atimes.com/article/china-sign-record-us25-billion-loans-bangladesh/
President Xi's visit heralds timely assistance for infrastructure projects which have been languishing for nearly a decade due to lack of funds
By Syed Tashfin ChowdhuryDHAKA, October 14, 2016 3:32 PM (UTC+8)
The streets of Dhaka adorned with posters of Chinese President Xi Jinping and Bangladesh Prime Minister Sheikh Hasina and the flags of the two nations -- Photo credit Shamin Ahmed
Chinese President Xi Jinping arrived in Dhaka to a red carpet welcome on Friday amid expectations of a record US$25 billion in loan agreements involving over 25 projects being signed between the two countries.
Most of the deals will support major infrastructure projects in Bangladesh which have been languishing for nearly a decade due to lack of funds, although Foreign Minister Abul Hassan Mahmood Ali declined to divulge details.
However, on the eve of Xi’s visit, a planning ministry secretary told Asia Times: “Some of the prestigious infrastructure projects that may to get loans include the Padma Bridge rail link project (US$2.57 billion), the Dhaka-Chittagong Railway project (US$ 3.03 billion), Sitakundu-Cox’s Bazaar Marine drive expressway and coastal protection (US$2.85 billion) and the four-lane Dhaka-Sylhet high way project (US$1.6 billion).”
The DailyBrief
Must-reads from across Asia - directly to your inbox
The proposed 169 kilometer Padma Bridge rail link will be constructed in four sections connecting central Bangladesh with the south of the country.
The Dhaka-Chittagong railway project will include a double-track standard-gauge railway line between Dhaka and Chittagong cutting travel time by three hours.
The Dhaka-Sylhet Highway project will see the upgrade of a 226-kilometer highway from Kanchpur to Sylhet. As a part of the upgrade, 60 small bridges, four flyovers and 27 box culverts will also be built on the highway.
The 160-kilometer Marine Drive Expressway will eventually connect with the Asian Highway-41 and the Bangladesh–China–India–Myanmar (BCIM) Economic Corridor.
The official said other projects earmarked for Chinese support are in “the communications, power, fuel, and information technology sectors.”
Calls Asia Times to the Chinese embassy in Dhaka went unanswered.
In contrast to record loan agreements, India extended a US$2 billion credit line to Bangladesh during the visit of Prime Minister Narendra Modi to Bangladesh in March 2016.
Xi’s Bangladesh visit is also significant as the first by a Chinese president to Bangladesh in 30 years.
Speaking to Chinese news agency Xinhua, Bangladeshi premier Sheikh Hasina said on Wednesday: “China has become our largest trading partner and we consider it a trusted partner in realizing our dreams. China is the leading generator of many of our mega-projects in terms of finance, capitalization and technology.”
Ahead of Xi’s visit, China’s ambassador in Dhaka Ma Mingqiang said Chinese investment in Bangladesh would increase significantly.
Commenting on Xi’s visit, international expert Dr. Delwar Hossain told Asia Times: “Dhaka and Beijing’s bilateral ties are already strong. After this visit, this will reach the next level.”
Hossain, associate professor for the Department of International Relations at the University of Dhaka, added: “Through the visit and the said loan deals … China is considering Bangladesh as a strong bilateral partner in mutual economic growth. From Bangladesh’s end, most of the infrastructure projects have been languishing for seven to eight years. It is great we are getting the funding at a right time.”
Security was beefed up from Thursday ahead of Xi’s visit. The stretch of road which leads to Le Meridien, the hotel where he will be staying, has been closed to traffic for 24 hours from 10am on Friday.
http://www.atimes.com/article/china-sign-record-us25-billion-loans-bangladesh/