The Asian Development Bank (ADB) is lending another 100 million to Bangladesh to expand road connectivity with rural people, including agricultural production areas.
The loan was approved at a meeting of the ADB board of directors in Manila on Friday, according to the ADB’s residential office in Dhaka.
According to the current exchange rate, this loan of around Tk 850 crore in Bangladeshi currency has to be repaid in 30 years with a grace period of five years at 2 percent interest.
The ADB is providing 100 million to expand the scope of the ‘Rural Road Communication Development’ project aimed at increasing road connectivity for rural people and establishing road connectivity with agricultural production areas.
According to the ADB press release, in 2018, a project was taken up to build 1,700 km of rural roads with the funding of the agency. Then ADB gave 200 million dollars. Now, this additional funding is being made to increase the number of roads to 2,630 km.
The ADB says the additional funding will help the government develop ongoing infrastructure during the ongoing coronavirus epidemic, as well as create jobs for local people.