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Projects Under Indian Credit

Implementation delay to cost extra charge

Reiaul Karim Byron
Bangladesh will have to pay commitment charge in case of delay in implementation of projects with the $1 billion credit offered by India.
Finance ministry sources said the commitment charge might be 0.5 percent of the credit for the project concerned.
The terms and conditions of an agreement between Dhaka and Delhi on the credit have been finalised. The agreement is likely to be signed on August 7, the sources said.
And Indian Finance Minister Pranab Mukherjee might come to Dhaka on a one-day visit in connection with signing of the agreement.
A total of 14 projects have been identified for implementation using the credit, and Indian government has approved those.
At present the World Bank and Asian Development Bank realise 0.5 to 0.75 percent commitment charges for delay in implementation of projects.
Economic Relations Division (ERD) officials said it is not that India will start imposing commitment charge following the signing of the credit agreement.
Separate agreements will be signed for each of the 14 projects identified for implementation. And only after these agreements
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are signed, commitment charge will be imposed for delay in implementation of the projects, the officials said.
They however mentioned that although the credit agreement will provide for commitment charge, Bangladesh won't have to pay it since project preparation has already started, and implementation will start as soon as the agreements are signed.
The officials hoped that the credit would be disbursed in three years.
Accordingto the final draft of the agreement on Indian credit, rate of interest is 1.75 percent and the time limit for repayment is 20 years including a grace period.
The rate of interest on the Indian credit is less than that on the ADB's commercial loan, which is about three percent now, the ERD officials noted.
Sources said Dhaka had submitted 29 projects to Delhi for utilising the $1 billion loan. The two sides at a recent meeting in Delhi reviewed those and finalised 14.
Most of the projects are for development of railway infrastructure in Bangladesh. The other projects include purchase of dredgers, procurement of double-decker buses and construction of roads.
All the projects will be placed before the Executive Committee of National EconomicCouncilsoon.
Some of the projects are aimed at new connectivity between the two countries, officials pointed out.
Indian Prime Minister Manmohan Singh announced the credit of $1 billion during Prime Minister Sheikh Hasina's state visit to that country on January 10-13 this year.