Bangladesh signs €360m deal with ADB for international road corridor

  • News Desk, bdnews24.com
    Published: 2020-03-15 22:18:56 BdST

bdnews24

The government has signed a €360 million loan agreement with the Asian Development Bank or ADB to upgrade the Dhaka-northwest international trade corridor.

Economic Relations Secretary Fatima Yasmin and ADB Country Director Manmohan Parkash signed the deal at a ceremony in Dhaka on Sunday, according to a media release from the ADB.

The assistance forms the second tranche of $1.2 billion multi tranche ADB loans for the Second South Asia Sub-regional Economic Cooperation or SASEC Dhaka-Northwest Corridor Road Project.

It is part of a priority international transport corridor that connects Bangladesh with Bhutan, India, and Nepal, Manmohan said.



The project will further strengthen regional connectivity and boost trade along with the “second busiest road artery in the country”, he said.

Transport costs, travelling time, vehicle emission, congestion and accidents will be reduced after the completion of the project, he added.

The project is expected to help Bangladesh build an efficient and modern transport system by upgrading a 190km section from Elenga via Hatikumrul to Rangpur to a four-lane highway.