ADB to Help Develop Regional Transport Connectivity Projects

DHAKa, Oct. 26 (NsNewsWire) — The Asian Development Bank (ADB) and the Government of Bangladesh today signed a technical assistance loan agreement for $30 million to help develop high demand domestic transport corridors having regional connectivity importance to accelerate growth and stimulate economic activity across South Asia and beyond.

The financing is additional to an ADB technical assistance loan of $23 million for the “Subregional Transport Project Preparatory Facility”, which was approved in 2010. Mohammad Mejbahuddin, Senior Secretary, Economic Relations Division (ERD), and Kazuhiko Higuchi, Country Director, Bangladesh Resident Mission of ADB, signed the agreement on behalf of Bangladesh and ADB respectively, at a ceremony at ERD, Sher-e-Bangla Nagar, Dhaka.“The assistance will help make domestic transport projects with high impact on regional trade ready for investment,” said Country Director Kazuhiko Higuchi.“This will also support the government in achieving high project readiness for faster project implemenatation through preparation of detailed design, addressing climate resilience, and procurement and safeguard matters,” he said.  

The technical assistance loan under the “Additional Financing for the Subregional Transport Project Preparatory Facility” will support feasibility studies and detailed design of transport projects including four-laning of 600 km road corridors, and dual gauge coversion of Dhaka-Chittagong-Cox’s Bazar Railway corriodor, among others.

The Roads and Highways Department, and Bangladesh Railway will be the executing agencies for the project, which is due for completion in 2021.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.

0512/2013
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