Bangladesh gets $400m in loans from ADB to build rail line

The Asian Development Bank has signed an agreement with the government to provide $400 million in loans to help build a dual-gauge railway connecting Chattogram and Cox’s Bazar to promote trade, investment and tourism in Bangladesh.

News Deskbdnews24.com
Published : 23 May 2019, 09:54 AM
Updated : 23 May 2019, 09:55 AM

Monowar Ahmed, secretary of the Economic Relations Division, and Manmohan Parkash, country director for the ADB, signed the agreement at a ceremony in Dhaka.

The fund forms the second part of $1.5 billion ADB loans for the Chattogram-Cox’s Bazar Railway Project. The loan will finance around 27 percent of the progress towards constructing a 102km new railway line between Chattogram and Cox's Bazar.

“ADB is committed to help Bangladesh develop its railways, which is a safe, affordable and environment-friendly mode of transport,” said Parkash.

The new rail link opening in 2023 aims to transport 2.9 million passengers annually by 2024, the ADB said.