AMN/ WEB DESK
The first meeting of the high level project monitoring committee to review the progress of projects funded by the Indian Line of Credit (LOC) has decided to take steps to ease the tendering process to speed up the implementation of the projects.
According to the press release issued by the High Commission of India in Dhaka on Tuesday, the virtual meeting was attended by the Secretary, Economic Relations Division of Ministry of Finance of Bangladesh, the High Commissioner of India in Dhaka, Bangladesh, officials of Prime Minister’s office, Ministries of Finance, Foreign Affairs and Security Services Division, National Board of Revenue (NBR), Government of Bangladesh and Exim Bank of India.
The meeting emphasised that procedural bottlenecks will be removed to ensure implementation of the projects under the Indian LOC funds.
The Bangladesh side requested for enhancement of local material content in the procurement process and revision of the LOC agreement.
Bangladesh is the largest development partner under the Line of Credit programme of India.
The total commitment of India under the LOC to Bangladesh stands at dollar 7862 million including 500 million dollar for the procurement of defence equipment.
Currently, 46 projects are covered under the India LOC support in Bangladesh out of which 14 projects worth over dollar 412 million have been completed.
Eight projects worth over 1.01 billion dollar are ongoing, 15 projects worth over dollar 3.1 billion are under tendering and 14 projects worth over dollar 3.08 billion are under DPP preparation stage.
The High Level Project Monitoring Committee is one of the several initiatives undertaken jointly by both the sides to expedite the progress of the projects and sort out the issues regarding the implementation of LOC funded projects.