March 10, 2013 / 7:57 AM / 7 years ago

Bangladesh to get $1.04 billion from Japan for development projects

DHAKA (Reuters) - Japan will provide $1.04 billion in loans to Bangladesh to fund four infrastructure projects, including a renewable energy development project, a statement from the Finance Ministry of Bangladesh said on Sunday.

The head of the Economic Relations Division of Bangladesh’s Finance Ministry and the Ambassador of Japan to Bangladesh signed the agreements on Sunday.

One of the projects will be for construction of a four lane bridge between Dhaka and the port city of Chittagong to cope with the increasing traffic volume.

The renewable energy project was aimed at increasing power supply and the diversification of energy source.

The loans will carry 0.01 percent annual interest, and are repayable in 40 years, with a 10-year grace period.

Japan is Bangladesh’s largest bilateral development partner, having provided or committed more than $11 billion since 1971.

Reporting By Serajul Quadir; Editing by Michael Perry

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