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China Extends Loan Repayment Period, Considers Rate Cut for BD
China has agreed in principle to extend the loan repayment period for Bangladesh and is considering the request to reduce interest rates, praising Bangladesh’s strong track record in loan repayment. The announcement came during a meeting between Bangladesh's Foreign Adviser Md Touhid Hossain and Chinese Foreign Minister Wang Yi in Beijing.
Hossain, during the talks, requested a reduction in interest rates for both the Preferential Buyer’s Credit (PBC) loan and the Government Concessional Loan (GCL) from 2-3% to 1%, as well as an extension of the repayment period from 20 to 30 years. He also asked for the waiver of commitment fees.
Additionally, China pledged to continue Bangladesh's duty-free, quota-free (DFQF) access to the Chinese market for three more years after Bangladesh graduates from Least Developed Country (LDC) status.
The two sides also signed an ‘Implementation Plan’ for sharing hydrological information on the Yaluzangbu-Jamuna River.
Wang Yi reaffirmed China’s commitment to supporting Bangladesh’s development, including projects under the Belt and Road Initiative (BRI), and praised the warm relations between the two nations. Both sides expressed their determination to strengthen their Comprehensive Strategic Cooperative Partnership.
Hossain’s visit, his first bilateral trip since assuming his role, coincides with the 50th anniversary of Bangladesh-China diplomatic relations. The discussions covered a wide range of topics, including development cooperation, trade, infrastructure, education, agriculture, and energy. Both countries agreed to explore further collaboration in sectors like railway, fisheries, and renewable energy.
On the issue of the Rohingya crisis, both sides emphasized their shared commitment to finding a sustainable solution, with China pledging to continue its engagement with Myanmar.
Hossain also met with senior Chinese officials, including the Chairman of the China International Development Cooperation Agency (CIDCA), to discuss Chinese-funded development projects in Bangladesh. CIDCA expressed willingness to consider extending the loan repayment period and reducing interest rates further.
As part of his visit, Hossain invited Wang Yi to visit Bangladesh at a convenient time. The Chinese Foreign Minister hosted a lunch for the Foreign Adviser and his delegation.
Hossain arrived in Beijing on January 20, where he was warmly received by the Bangladesh Ambassador to China and high-ranking Chinese officials.