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China And Bangladesh Sign Investment Pact During Xi Visit

(Credit: (Photo by Lintao Zhang/Pool/Getty Images)) President Xi's visit to Bangladesh for the first time in over 30 years will truly be a milestone in the relationship.China And Bangladesh Sign Investment Pact During Xi Visit
October 15
6:00 AM 2016

Chinese President Xi Jinping has already begun a visit to Bangladesh during which the two countries are to sign an agreement of worth of billion dollars of Chinese investments in infrastructure and energy.

President Xi is the first Chinese president to visit Bangladesh in over 30 years and he was welcomed and accommodated by Bangladesh President Abdul Hamid at Dhaka's airport last Friday.

Chinese Assistant Foreign Minister Kong Xuanyou said that Bangladesh was an important partner of China in South Asia and that the visit will be a milestone in the relationship.

There were no details of anti-terrorism agreement were immediately available. Bangladesh has already cracked down on radicals blamed for violent attacks on foreigners, liberals and minorities. The Islamic State group had claimed responsibility of several attacks since last year, but Prime Minister Sheikh Hasina's government has instead blamed domestic groups for the attack.

During his stay in Dhaka, Xi will call on President Abdul Hamid and hold talks with Prime Minister Sheikh Hasina.

The Chinese Ambassador in Dhaka Ma Mingqiang at a seminar recently said that the visit will truly be a new heights for China and Bangladesh and thus Bangladesh is expecting China as a partner of its infrastructure development.

At least 21 projects on communication, power, fuel, information technology, industries and development of living standards are also being discussed for Chinese support.

Loans will also include four each on railways and road transport and power sectors, five on improving standard of life, two on industries and one each on fuel and Industrial Chemical Technologies (ICT).Estimated loan for the said project is at follows, Padma Bridge $2.57 billion, Chittagong railway project is $3.03 billion, Ashulia elevated expressway $1.39 billion Cox's Bazar marine drive expressway and coastal protection project $2.85 billion, Sylhet highway project $1.6 billion.

The ICT project was said to have an estimated loan of $1 billion credit from China is about establishing digital connectivity.

Xi will leave for New Delhi on Saturday to attend a summit of five BRICS countries. Brazil, Russia, India, China and South Africa.

© 2016 VCPOST, All rights reserved. Do not reproduce without permission.
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