Dhaka [Bangladesh], May 30 (ANI): Japan and Bangladesh exchanged notes under which Tokyo will provide USD 1.063 billion to Dhaka as budget support, railway upgradation, and grants, Bangladesh's Chief Adviser's Press Wing said in a statement on Friday.

Of the total, Japan will provide 418 million dollars as a Development Policy Loan for Bangladesh's economic reforms and climate resilience, it added.

Tokyo will also lend 641 million dollars for the upgradation of the Joydevpur-Ishwardi railway track and another 4.2 million dollars as grants for scholarships, the statement said.

Bangladesh Chief Adviser Muhammad Yunus met with Japanese Prime Minister Ishiba Shigeru in Tokyo during his official working visit to Japan on Friday. They reiterated their shared vision for a Free and Open Indo-Pacific (FOIP) to ensure peace, stability, and shared prosperity for all, a Japan-Bangladesh Joint Press Release said on Friday.

Yunus expressed gratitude to Japan for its continued support to foster sustainable economic growth and development in Bangladesh and for advancing Japan-Bangladesh bilateral relations, especially for the projects under the Bay of Bengal Industrial Growth Belt (BIG-B) Initiative, including the Moheskhali-Matarbari Integrated Infrastructure Development Initiative (MIDI), the joint press release said.

MIDI targets the construction of a deep-sea port in the Bay of Bengal, which holds strategic importance.

Bangladesh and Japan also signed MoUs and MoCs, including one on the One Stop Service system in BIDA, installation of prepaid gas meters, setting up a factory for battery-run cycles, launching a pilot project for information security, and land agreements with the Bangladesh Special Economic Zone (BSEZ) to promote Japanese investment in Bangladesh.

Bangladesh and Japan are also discussing signing an Economic Partnership Agreement (EPA) and an Agreement concerning the Transfer of Defense Equipment and Technology. (ANI)