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Japan to extend 12.6 bil. yen grant to Bangladesh.

TOKYO, June 22 Kyodo

Japan will extend 12.6 billion yen in grants to Bangladesh for the South Asian country's debt relief, the Foreign Ministry said Tuesday.

Japanese Ambassador to Bangladesh Yoshikazu Kaneko exchanged documents on the grant Tuesday in Dhaka with Masihur Rahman, secretary of the Bangladeshi Finance Ministry's Economic Relations Division, the Japanese ministry said in a statement.

The grants-in-aid are equivalent to the debt Bangladesh repaid Japan for the fourth quarter of fiscal 1998, based on a loan contract signed by the two countries following a yen loan agreement reached by March 31 last year, the statement said.

The grants will be used to buy products necessary for Bangladesh's economic development and citizens' welfare, it said.
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Publication:Asian Economic News
Date:Jun 28, 1999
Words:119
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