Bangladesh will receive $72.6m from China for bridges and disaster aid
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Despite Chinese offer for the loan on infrastructure, Bangladesh smartly avoided that and agreed to receive a loan from China for bridges and disaster aid. China sees Bangladesh and Myanmar as key links between Yunnan and the Indian Ocean. China will provide grant assistance of approximately US$72.6 million to Bangladesh under an agreement on economic and technical cooperation between the two countries.
The grant will be used to pay for disaster management, the construction of bridges and an exhibition center, and what is described as “welfare projects.”
The agreement was signed in the capital Dhaka on Sunday, January 20 by Economic Relations Division (ERD) secretary Manowar Ahmed for the Bangladesh side and Zhang Zuo, the Chinese ambassador to Bangladesh.
During the meeting, Manowar Ahmed remarked that Bangladesh’s economic ties with China are of great significance “as China is now the largest trading partner of Bangladesh.”
The relationship between the two countries have been improved considerably, and Chinese President Xi Jinping’s announcements about his Belt and Road Initiative in 2013 paved the way for a new era in Dhaka-Beijing relations.
China sees Bangladesh and its neighbor Myanmar as important links between Yunnan and other landlocked provinces and the Indian Ocean.