NEW DELHI: Major power, oil and gas companies from India and Bangladesh signed agreements worth more than $9 billion amid better policy initiatives that will help propel the region as a major economic growth centre in the world. The deals are aimed at deepening bilateral economic partnership.
Among the MoUs signed in the presence of Bangladesh’s Prime Minister Sheikh Hasina is a facility agreement between Bangladesh-India Friendship Power Company (BIFPCL) and Exim Bank of India for debt financing for construction of 1,320 mw Maitree Power Project in Rampal in Bangladesh ($1.6 bn)
“We have an Indo-Bangla investment agreement in place to protect your investment,” said the Prime Minister of Bangladesh on Monday. She has also highlighted that, a One Stop Service Act is currently being finalized to help investments in Bangladesh. “I urge the Indian investors to consider possible investments in Bangladesh in infrastructure projects, power and energy, food processing, manufacturing and transport sectors,” Hasina added.
Earlier the Minister of State (Independent Charge) for Petroleum & Natural Gas, Dharmendra Pradhan, reiterated the thrust Prime Minister Narendra Modi has given to foster business relationships between the two countries. The MoUs include an implementation and power purchase agreement between Reliance Power and the Ministry of Power, Energy and Mineral Resources for the first phase (718 mw) of the 3,000 mw power project at Meghnaghat, entailing $1 billion (out of a total investment of $3 billion).