BD inks 2 loan deals with ADB over railway connectivity
Sunday, 28 June 2015
Bangladesh on Sunday signed two loan agreements with the Asian Development Bank (ADB) for implementing a project titled ‘South Asia Subregional Economic Cooperation (SASEC) Railway Connectivity: Akhaura-Laksam Double Track’. The deals are US$ 400 million ordinary capital resources (OCR) and US$ 105 million Asian Development Fund (ADF). The project will be implemented by Bangladesh Railway under Railways Ministry’s overall supervision. The total estimated cost of the project is US$ 837.13 million out of which the ADB will provide US$ 400 million as OCR loan and US$ 105 million as ADF loan, while the European Investment Bank (EIB) US$ 175 million. The rest of the amount will be borne by the government of Bangladesh. The project is scheduled to complete by June 2020. Economic Relations Division (ERD) Senior Secretary ERD Senior Secretary Mohammad Mejbahuddin and ADB Country Director Kazuhiko Higuchi penned the loan deals at the ERD on behalf of Bangladesh government and ADB respectively. Senior officials of the government and ADB were present, according to a news agency.