Saudi Fund for Dev approves $50m for Teesta bridge

The Saudi Fund for Development (SFD), a Saudi government agency that channels bilateral aid to developing countries through grants and soft loans, has approved US$ 50 million for the construction of a bridge over Teesta River, and it is likely to provide more funds for a couple of big projects in Bangladesh, said an official. The Board of Directors of the SFD approved the $50m fund in June this year for a PC Girder Bridge over Teesta and a 4-member Bangladesh delegation leaves for Saudi Arabia on Saturday to fine tune the loan conditions and other pending issues, Economic Relations Division (ERD) Joint Secretary Md Salim Reza said. He said he would lead the delegation. The other members of the delegation are Abdur Rouf, Deputy Chief of the Local Government Division, Project Director Shahidul Islam and Economic Councilor of Bangladesh Embassy in Riyadh Dr Mizanur Rahman. Salim Reza said the ERD has already sent letters to different ministries seeking project proposals in sectors like infrastructure development, health and power to avail of support from the Saudi Fund. ‘We’re hopeful the SFD will come up with financing for a couple of projects, including one or two big ones, in Bangladesh.’ Following the Bangladesh delegation’s visit, Salim Reza said, a SFD delegation will visit Bangladesh to sign the $50m loan deal for the Teesta bridge project, according to UNB.