The Asian Development Bank (ADB) and the Bangladesh government on Sunday signed a loan agreement for $400 million to build a dual-gauge railway connecting Chittagong and Cox’s Bazar to promote trade, investment, and tourism in Bangladesh.
Sharifa Khan, Secretary of the Economic Relations Division, and Jiangbo Ning, ADB deputy country director for Bangladesh, signed the agreement on behalf of Bangladesh and ADB respectively, said a press release.
The assistance forms the third part of $1.5 billion ADB loans for the SASEC Chittagong-Cox’s Bazar Railway Project. The loan will help complete the construction of the 102 kilometres of the new railway line between Chittagong and Cox’s Bazar.
The new rail link, which is expected to open in 2023, aims to transport 2.9 million passengers annually between Chittagong and Cox’s Bazar by 2024.
The construction of this railway section is one of several ADB railway projects to help Bangladesh meet its targets under its Eighth Five-Year Plan and Railway Master Plan.
