July 19, 2019 12:49 PM

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Joint working group to probe fund disbursal for Chinese projects in Bangladesh

<span style="color: #222222;">Bangladesh and China have formed a joint working group to probe the extremely low level of fund disbursal for ongoing Chinese projects in Bangladesh. <br />''<br />''China has so far disbursed less than 5 per cent of the promised 20 billion US Dollars for 27 projects for which agreements were signed during President Xi Jinping's Dhaka visit in 2016.  <br />''<br />''The working committee will include officials from Bangladesh's Economic Relations Division (ERD) and China's commerce ministry. <br />''<br />''It will review the projects and assess whether the projects for which loan agreements are yet to be signed still need Chinese funding.<br />''<br />''Projects like Padma Bridge rail link, Karnaphuli river tunnel, phase III of the Info-Sarkar project and modernization of telecommunication network for digital connectivity are in the implementation stage. <br />''<br />''Reports indicate that bureaucratic red tape and procedural complexities along with the hard lobbying by Chinese firms to get contracts are the major factors causing a delay in loan reimbursement.</span><br />

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