China counters India's $2 billion with $24 billion for Bangladesh

October 14, 2016 11:13

China is set to sign off on loans worth over $24 billion to Bangladesh during President Xi Jinping's visit today, Dhaka's biggest foreign credit line to date that will help it build power plants, a seaport and railways.

Xi Jinping's trip, the first by a Chinese president in 30 years, is aimed at boosting China's involvement in infrastructure projects at a time when India is pushing investments of its own in Bangladesh, a country New Delhi considers its area of influence.

Japan, helped by India, has also got involved in Bangladesh, offering finance at low interest rates to build a port and power complex, sharpening competition for influence in the country of 160 million people.

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