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 the 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 US$ 50 million fund in June this year for a PC Girder Bridge over the Teesta River and a four-member Bangladesh delegation leaves here for Saudi Arabia on Saturday to fine tune the loan conditions and other pending issues, Economic Relations Division (ERD) Joint Secretary Md Salim Reza told UNB.

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 a US$50-million loan deal for the bridge project over the Teesta.

The government had earlier expected US$ 67.33 million from the SFD for the proposed 1490-metre long 'press-stressed concrete girder' bridge over the Teesta at Sundarganj upazila in Gaibandha district.

The bridge is expected to benefit people living particularly in Gaibandha, Kurigram and Lalmonirhat districts.