ADB provides 300 mln USD to finance 2nd phase upgrade of Bangladesh int'l trade corridor

Source: Xinhua| 2017-11-22 18:11:10|Editor: ZD
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DHAKA, Nov. 22 (Xinhua) -- The Asian Development Bank (ADB) and the government of Bangladesh on Wednesday signed agreements for 300 million U.S. dollars in loans to help upgrade the Dhaka-Northwest international trade corridor in Bangladesh.

Kazi Shofiqul Azam, secretary of Bangladesh's Economic Relations Division (ERD), and Manmohan Parkash, country director of ADB, signed the loan agreements on behalf of Bangladesh and ADB respectively, at a ceremony in Dhaka on Wednesday.

The assistance forms the first tranche of 1.2 billion U.S. dollars multitranche ADB loans for the Second South Asia Subregional Economic Cooperation (SASEC) Northwest Corridor Road Project, said the Manila-based lender in a statement.

"This project will help boost trade along the second busiest road artery in the country, and further strengthen regional connectivity," said ADB Country Director Manmohan Parkash.

"This will also help bring down transport costs, make the sector more competitive, and make transportation between Dhaka and north-western Bangladesh more efficient."

ADB has been supporting the Bangladeshi government in improving the Dhaka-Northwest road corridor since approval of the landmark Jamuna Bridge Project in 1994.

The first SASEC Northwest Corridor Road Project was approved in 2012 to improve 70-km Joydeypur-Elenga section of the road. It also improved operational efficiency of Burimari and Benapole land ports that provide gateways to Bhutan and India, respectively.

The second project continues ADB's support to the corridor by improving the 190-km section from Elenga through Hatikurul to Rangpur district, some 304 km off capital Dhaka.

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