1. China snubs India, decides to give $24 bn to Bangladesh

China snubs India, decides to give $24 bn to Bangladesh

This will be Bangladesh's biggest foreign credit line till now which will help it build a seaport, railways and power plants.

By: | New Delhi | Published: October 14, 2016 4:11 PM
The Chinese president's trip aims at boosting China's involvement in projects related to infrastructure. The Chinese president’s trip aims at boosting China’s involvement in projects related to infrastructure.

In an apparent snub to India, China is all set to sign off over $24 billion to Bangladesh on Loans during President Xi Jinping’s visit on Friday. This will be Bangladesh’s biggest foreign credit line till now which will help it build a seaport, railways and power plants. The Chinese president’s trip at boosting China’s involvement in projects related to infrastructure at a time when India is pushing investments in the neighbouring country.

Japan has also got involved in Bangladesh, offering finance at low low interests to build power complex and a port, increasing the competition for influence in the country. China hopes to finance around 25 projects and is also hoping to build a deep sea port, Bangladesh junior finance minister MA Mannan was quoted as saying in media reports.

Jiangsu Etern Co Ltd, a Chinese company signed an agreement worth $1.1 billion to improve the power grid network in Bangladesh. China is eager revive a plan to build a deep sea port in Sonadia which has been on hold for years, reports added. The Chinese president is visiting Bangladesh on his way to a BRICS summit in Goa on Saturday and sunday.

His trip to the neighbouring country has come at a time when Prime Minister Narendra Modi is trying to boost ties with neighbouring countries. In 2015, he had announced a $2 billion credit line during a visit to Dhaka.

  1. D
    deep
    Oct 14, 2016 at 12:34 pm
    where is the question raised china snub India.. is there any agreement between India and china regarding the same? its good Bangladesh can use chines money to raise there leaving...Bangladesh is one of the trustworthy brother of India ..china can not use Bangladesh against India that is sure..
    Reply
    1. Ravindra Pandya
      Oct 14, 2016 at 2:15 pm
      How it can be called snub to India? That should have been explained. Apparently it looks very mischivious reporting purpose of which difficult to understand.
      Reply
      1. Shiva Shiva
        Oct 14, 2016 at 12:50 pm
        where did the chinese snub india? who is wrote this paid news? china has werewithal to fund and they are doing..what kind of rogues write news to instigate people?
        Reply

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