High Commissioner of India to Bangladesh, Pranay Verma has highlighted that Bangladesh is India’s largest development partner, both in terms of value and number of projects.
He said nearly one fourth of India’s global development assistance is extended to various projects in Bangladesh, covering a variety of sectors.
“This robust development cooperation is a reflection of India’s commitment to partnering with Bangladesh in its journey towards greater growth and prosperity,” the Indian envoy said while addressing a contract signing ceremony here on Monday (Dec 26).
The Project Management Consultancy (PMC) services contract for the ‘Upgradation of Mongla Port’ project was signed in Dhaka on Monday. The project is being financed under the Government of India concessional Line of Credit of USD 4.5 billion extended to the Government of Bangladesh, reads a statement of the High Commission of India.
State Minister, Ministry of Shipping, Khalid Mahmud Chowdhury, was the Chief Guest at the signing ceremony event. High Commissioner of India to Bangladesh, Pranay Verma and Secretary, Ministry of Shipping, Md. Mostafa Kamal, attended the event as Special Guests.
High Commissioner Verma in his speech emphasised that various connectivity projects like the Mongla Port project, once completed, would have a transformational impact on not only India-Bangladesh economic relations but also on the economy of the entire sub-region.
The Government of India has extended four concessional Lines of Credit to the Government of Bangladesh till date, worth USD 7.862 billion. Under the concessional loans, 42 projects have been taken up so far. Of these, 14 projects have already been completed and the remaining are in various stages of implementation.
Over USD 2 billion worth of projects have been contracted and actual disbursements have crossed USD 1 billion, significantly picking up pace despite the severe challenges presented by the pandemic.
The ‘Upgradation of Mongla Port’ project is the largest project in the Shipping/Ports sector which Government of India is financing under its concessional loans.
The development of this port will strengthen maritime connectivity for Bangladesh, not just for the movement of goods with India but also with Bhutan and Nepal.
India is also providing concessional financing for the Khulna-Mongla Port rail line project and the Khulna-Darsana rail line project and with the completion of these projects, Mongla Port would become the only port in Bangladesh with rail connectivity, making it a truly multi-modal hub and unlocking immense economic potential.