The Asian Development Bank (ADB) and the government of Bangladesh on Sunday signed agreements for US$505 million in loans to further improve the nation’s railways to help its economy and boost sub-regional trade.
Mohammad Mejbahuddin, senior secretary of the Bangladeshi government’s economics relations division, and ADB Bangladesh director Kazuhiko Higuchi signed the agreements in Dhaka.
“The assistance will help railways better serve needs of people and movement of goods, and help improve domestic and subregional trade,” Higuchi said. “This project will also help improve the overall railway transport system in Bangladesh, and aims to reduce transport costs and improve logistics of strategic corridors, such as Dhaka-Chittagong link, for subregional trade.”
The South Asia Subregional Economic Cooperation Railway Connectivity Project is to help upgrade the 72km Akhaura-Laksam section of the Dhaka-Chittagong railway corridor to a double-track dual-gauge railway line, along with modern signaling equipment.
The existing track is set to be upgraded in accordance with the requirements of the Trans-Asian Railway. Eleven railway stations are to be reconstructed with special facilities for the elderly, women, children and disabled passengers.
The project is also to support capacity development for the permanent project management unit to be established in Bangladesh Railway and for accessing climate mitigation funding.
The Akhaura-Laksam section is part of a major subregional corridor and of the Trans-Asian Railway. The project was endorsed by the South Asia Subregional Economic Cooperation Trade Facilitation and Transport Working Group in a meeting held in Singapore on 30 October, 2013.
The total project cost is US$805 million. The European Investment Bank is to cofinance the project with US$175 million while the government of Bangladesh is to provide US$125 million. The project is to be executed by Bangladesh Railway and is expected to be completed by 2022.
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