DHAKA, 30 October 2021, (TON): Bangladesh and India have expressed optimism that the utilisation rate of Lines of Credit (LoCs) extended to Bangladesh by India is set to increase significantly soon.

With the award of more than $990.85m worth of contracts under the LoCs during the past three years, and another $325.58m being finalised within the next few months, the two sides hope it will create new opportunities for shared development of the region and mutual benefits.

Bangladesh and India have noted considerable improvement in the speed of projects reaching the execution or ending stage under the LoCs.

It has been made possible with the active cooperation of the project-implementing agencies of both sides and the extensive coordination efforts between the Economic Relations Division (ERD) and the High Commission.

The 19th Bangladesh-India LoC review meeting was held in Dhaka on October 27-28 to review the progress of 43 projects being taken up for implementation under GoI Lines of Credit (LoCs).

Sridharan Madhusudhanan, joint secretary (DPA-I), Ministry of External Affairs, government of India, led the Indian delegation and the Bangladesh delegation was led by Shahriar Kader Siddiky, additional secretary, ERD, Ministry of Finance, government of Bangladesh.

Representatives of Indian companies executing the LoC projects in Bangladesh also participated in the meeting.