Indian Finance Minister Arun Jaitley to sign $4.5bn LOC in Dhaka

Minister of Finance and Corporate Affairs of India Arun Jaitley is scheduled to arrive in Dhaka, on an official visit at the invitation of Bangladesh’s Finance Minister AMA Muhith, from October 3 to 5. The ministers will hold bilateral meetings to review the status of economic cooperation and development partnership initiatives between the countries, which were discussed between the prime ministers of India and Bangladesh in June 2015 and April 2017, report a press release from the Indian High Commission in Dhaka. During the visit, the Dollar Credit Line Agreement for implementation of the Indian line of credit of $4.5 billion is expected to be signed in the presence of the ministers of finance of India and Bangladesh on October 4. This will bring the total quantum of credit lines extended by India to Bangladesh to $8 billion, over the last six years. Furthermore, the Joint Interpretive Notes on the agreement between the two countries will also be signed in the presence of the two ministers. Finance Minister Arun Jaitley will also attend an event organised by the Policy Research Institute of Bangladesh and the High Commission of India, on the subject of ‘Macroeconomic Initiatives of the Government of India’. Finance Ministers Arun Jaitley and AMA Muhith will jointly inaugurate a new scheme for cashless transaction in visa services, which is run by the State Bank of India on behalf of the Indian High Commission. The two ministers will also inaugurate the Dhaka representative office of the EXIM Bank of India. At his official visit, the Indian finance minister will be accompanied by Secretary of Department of Economic Affairs Subhash Chandra Garg, Ministry of Finance and other senior officials, and a 30-member high-level business delegation from the Federation of Indian Chambers of Commerce and Industry (FICCI).