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China grants Bangladesh 150 mln RMB for cooperation

(Xinhua)

08:25, March 30, 2012

DHAKA, March 29 (Xinhua) -- China will provide Bangladesh with a grant of 150 million RMB (23.8 million U.S. dollars) to meet the latter's needs, according to an agreement signed here on Thursday between the two countries.

Kazi Shofiqul Azam, additional secretary of Bangladesh's Economic Relations Division under the Ministry of Finance, and Li Jun, Chinese ambassador to Bangladesh, on behalf of their respective sides signed the agreement on economic and technical cooperation in capital Dhaka.

The grant money shall be utilized for the economic and technical cooperation projects to be discussed and agreed upon by the both governments.

Bangladesh, which depends heavily on foreign aid, in the first seven months of the current fiscal year 2011-12 (July 2011-June 2012), received net 530.67 million U.S. dollars in foreign aid from its development partners and the amount in the last 2010-11 fiscal year (July 2010-June 2011) reached 1.05 billion U.S. dollars.

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