Bangladesh, Japan sign 6 instruments, pledge $295.5m in loans

Bangladesh and Japan signed six bilateral cooperation instruments and pledged two yen-loan projects totalling 46.56 billion yen (about US$295.5 million) during Prime Minister Tarique Rahman's four-day visit to Japan, Deputy Press Secretary Shahadat Shadhin said on Wednesday.

The loans pledge 15.88 billion yen (US100.8 million) to improve the domestic and foreign investment environment, and 30.68 billion yen (US 194.7 million) for the second phase of the Upazila Governance and Development Project to strengthen local governance.

Among the signed instruments, a grant agreement worth up to 2.12 billion yen (US$13.44 million) will provide a patrol vessel to the Bangladesh Coast Guard to combat maritime crimes and respond to maritime incidents and natural disasters.

Five other instruments comprise a business environment memorandum between Japan's economy ministry and the Finance Ministry's Economic Relations Division, two memorandums between Japan's agriculture, forestry and fisheries ministry and Bangladesh's agriculture and fisheries ministries on investment, trade, technology and capacity building, an environment ministry's climate intent letter, and a skills and Japanese employment deal.

Concluding on Thursday, the visit complements Tuesday's summit with Prime Minister Sanae Takaichi upgrading the Bay of Bengal Industrial Growth Belt into 'BIG-B for Shared Prosperity' alongside talks with political, business and development leaders on technology transfer.

Source: BSS