New Delhi, Apr 8 (IANS): Prime Minister Narendra Modi on Saturday said India had always stood for the prosperity of Bangladesh and committed $500 million credit for the country's defence.

"India has always stood for the prosperity of Bangladesh and its people. We are a long-standing and trusted development partner for Bangladesh. India and Bangladesh are also determined that the fruits of our cooperation must reach our people," Modi said in a joint address to the media with visiting Bangladesh Prime Minister Sheikh Hasina.

Modi said India wanted to build cooperation in new areas with Bangladesh "especially in some high-technology sectors which would include working in the fields of electronics, IT, cyber security, space explorations and civil nuclear energy".

He announced a new concession line of credit of $4.5 billion for the implementation of core projects of Bangladesh that "brings our resources allocation for Bangladesh to more than $8 billion over more than past six years".

He also announced that Bangladesh would be given "a line of credit $500 million for Bangladesh's defence procurement, which will be guided by Bangladesh needs".

Hasina is on a four-day trip to India during which the two countries are expected to sign more than 20 agreements to boost bilateral ties.