PM opens elevated expressway work

Prime Minister Sheikh Hasina on Saturday inaugurated the groundbreaking work on the Dhaka Elevated Expressway project with an aim to reduce acute traffic congestion in the capital, report agencies. "It's an epoch-making event for the nation," said Hasina. Italian-Thailand Development Public Company Ltd (Ital-Thai Company) will build the 26-kilometre (KM) expressway at a cost of Tk 87 billion. The project will be imple-mented under the Public Private Partnership (PPP). Under the contract, Ital-Thai Company will build the expressway from Hazrat Shahjalal International Airport to Kutubkhali on Dhaka-Chittagong highway. The main expressway will be 21-km long though its total length will be 26 kilometres with two link roads. There will be 35 ramps (entry and exit points) on the expressway. Under the 25-year concessional agreement, the concessionaire has to complete the project in three and half years from the date of issuance of the work order. The formal order will be issued soon. If the contractor fails to complete the work by the stipulated time, it will have to pay a liquidity damage of US$50,000 per day from the day following the expiry of deadline. On the other hand, the government will have to hand over 30 per cent of the project land to the company within a maximum period of six months and 35 per cent each year in the next two years. Failing to hand over the land timely, the government will have to pay the company a compensation of US$ 10,000 per day.