China’s
President Xi Jinping landed in Dhaka on Friday 15 October 2016 marking the first visit
by a Chinese head of state to Bangladesh in 30 years.
Chinese state-media heralded the visit as a diplomatic “milestone” of “historic significance,” as the two countries will sign at least 21 agreements amounting to nearly $40 billion investment in Bangladesh.
According to Reuters, China will also sign off on nearly $24 billion worth of loans to the country — Bangladesh’s biggest foreign credit line to date.
The
deal comes after of a series of investments made by Chinese companies
in Bangladesh in the past several months — including a $1.1 billion deal
signed this week by Chinese cable manufacturer Jiangsu Etern Co. to strengthen the South Asian country’s power grid, and a $3.1 billion deal by China Railway Group to build nearly 170 km of railroads connecting the capital Dhaka to southwestern cities.
China
plans to finance around 25 projects, including a 1,320 megawatt (MW)
power plant, and is also keen to build a deep sea port, Bangladesh
junior finance minister M.A. Mannan said.
"Xi's
visit will set a new milestone. (A) Record amount of loan agreements
will be signed during the visit, roughly $24 billion,"Yahoo
