Government spokesman Mobhare Matinyi said the allegations were false
ADB to give $505 million loan for improvement of railways
The Asian Development Bank (ADB) will extend $505 million to Bangladesh to further improve country’s railways to bolster national economy and boost sub-regional trade.
Published : 28 June 2015, 05:32 PM
Updated : 28 June 2015, 05:32 PM
The government entered into an agreement with ADB to this effect on Sunday.
Economic Relations Division (ERD) Senior Secretary Mohammad Mejbahuddin and ADB Country Director Kazuhiko Higuchi signed the agreement in Dhaka.
The fund, equivalent to around Tk 39.39 billion, will be spent on the South Asia Sub-regional Economic Cooperation (SASEC) Railway Connectivity: Akhaura-Laksam Double Track Project.
After signing of the agreement, Mejbahuddin said 72-kilometer Akhaura-Laksam section of the Dhaka-Chittagong railway corridor would be upgraded to a double-track dual-gauge line under the project.
Modern signalling equipments would be installed at 11 railway stations, he added.
The total project cost is $805 million.
The European Investment Bank (EIB) will co-finance the project with $175 million while the Bangladesh government will provide $125 million.
Bangladesh Railway will implement the project within 2022.
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