The Asian Development Bank is providing $ 1.78 billion in loans to Bangladesh under the multi-tranche financing facilities, making it the highest financing offered by the Manila-based lender for a single project.
The “South Asian Dhaka-Sylhet Sub-Regional Economic Cooperation Corridor Road Investment Project” will be implemented under a Framework Financing Agreement (FFA), the ministry said yesterday. of Finance in a press release.
As part of this FFA, a loan of $ 400 million for tranche 1 was approved on September 8 of this year, the statement said.
The main objective of the project is to improve sub-regional transport and trade by upgrading the 209.33 kilometers of corridor to a standard four-lane with the characteristic of slow vehicle traffic lane.
In addition, new carriageways, bridges and overflights, straightening of curves, railway viaduct and safe entry or exit to the main road will also be constructed as part of this project.
The project will also improve the institutional capacity of the Roads and Highways Department and the efficiency, connectivity and safety of the Dhaka-Sylhet International Corridor.
It will also cut the travel time between Dhaka and Sylhet by about two hours, the statement said.
The ADB’s total loan to Bangladesh so far stands at over $ 26.61 billion and the total grant is approximately $ 1.053 billion.
The issue of the $ 1.78 billion loan was shared as AHM Finance Minister Mustafa Kamal welcomed the new AfDB Country Director for Bangladesh, Edimon Ginting, who will replace Manmohan Parkash.
Welcoming the designated AfDB Country Director as a new friend, the Minister said: “Edimon Ginting is a new member of our team.
“I want to assure him that he will get all kinds of cooperation from us. And we hope that he too will become our true friend by getting involved in the development of Bangladesh.”
The minister was speaking during Parkash’s farewell at the Sonargaon Hotel in Dhaka.
Kamal said Bangladeshi citizens are indebted to Parkash’s family as his valiant father fought for Bangladesh’s independence as a member of the Indian Air Force.
“I have to admit that Mr. Manmohan’s intelligence and insightful reflections on the concomitant global development issues were truly incredible. Thank him for the support and goodwill he has shown over the years. his tenure, the relationship between Bangladesh and AfDB has reached a new high. “