Projects 2nd Row hook hits Indian Control ‘for the bureaucracy

financeThe loan agreement between Bacca and New Delhi for the expansion of a new line of credit (LOC) of US $ 2 billion to Bangladesh has not yet been signed because of bureaucratic entanglements on both sides, but have passed eight months since the signs MOU. Finance Ministry sources said that the competent authorities of the two countries could not yet complete negotiations on the terms of the memorandum of understanding (MoU) to implement 14 major projects under the second Indian Line Control. The memorandum of understanding on the new Line of Control was signed here on June 6 last year, during the visit of Indian Prime Minister Narendra Modi Bangladesh. To review progress in the projects of the Line of Control (1st and 2nd, a meeting last month in the Prime Minister’s Office under the initiative of Subregional Cooperation with Prime Minister Minister of Economy Dr. Moshiur Rahman was conducted in the chair. Sources close to the meeting told UNB that the proposed 14 projects in the second nip India, the meeting decided that the Ministry of Railways would reconsider the construction of double line, including signage, in Khulna-section of the proposed Bangladesh Darshana station. in the development of river-port Dharkhar Ashuganj-Akhaura land port road length, the meeting decided that the Ministry of Transportation road and bridge occupy the project, priority, because it is important for connectivity to Agartala, especially when India begin to use the port of Chittagong. on the Establishment of the Indian economic zones in Mongla and Bheramara, Kushtia project, the meeting decided that the Authority Zone economic Bangladesh (BEZA) could accelerate the process of granting land for the SEZ in India so the establishment of industries can start as soon as possible. Officials of the Economic Relations Division (ERD) said that India has agreed to modify the conditions for civilian projects under the Line of Control cool. Under the modified condition, in the case of projects involving construction, goods can benefit from up the contract price shall be supplied by vendors from India, and can be further reduced from 75 percent to 65 percent . And a further reduction may be considered on a case-by-case basis, provided that the supply is not a third country. Exim Bank of India agreed to reduce the prescribed amount to 75 to 65 percent to implement the construction in the last negotiation meeting, held here last year. Contacted ERD additional secretary Mohammad Asif-uz-Zaman said the credit agreement Fresh Line Control has not yet been signed as some final works being carried out for this purpose. “After taking vetting Ministry of Law, then the agreement (with India EXIM Bank) will be signed,” said another official. He said Bangladesh has already held inconclusive talks on issues such as the acquisition of goods and services of both countries, the appointment of consultants, vendor selection, and guidelines for taxes and VAT, according to UNB.