Deal for $2b Indian credit line signed

Bangladesh yesterday signed an agreement with the Exim Bank of India for $2 billion in low-cost loans for more than a dozen social and development projects.

The funds will be used for 14 projects in railway, road transport, power, education, vocational training, health, ICT, shipping, and economic zones.

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The credit carries 1 percent interest rate with a repayment period of 20 years and a grace period of five years.