The Asian Development Bank (ADB) and the government of Bangladesh inked a $400 million financing agreement today to develop a dual-gauge railway linking Chattogram and Cox’s Bazar in order to enhance trade, investment, and tourism in Bangladesh.
On behalf of their respective parties, Sharifa Khan, Secretary, Economic Relations Division (ERD), and Jiangbo Ning, ADB Deputy Country Director for Bangladesh, signed the agreement.
The aid is the third installment of a $1.5 billion ADB loan for the SASEC Chattogram-Cox’s Bazar Railway Project. According to a news statement, the financing would aid in the completion of the 102-kilometer new railway line between Chattogram and Cox’s Bazar.
“ADB is assisting the government to shift from road to rail, which is a climate-friendly, safe, affordable, and efficient mode of transport”, said Jiangbo Ning.
“The project is a priority investment and will open up the unserved areas of Cox’s Bazar region by promoting investment, trade and tourism.” Ning said adding that the project also integrates features that are friendly to the elderly, women, children, and people with disabilities.
The new rail link, which is set to open in 2023, is expected to transport 2.9 million passengers per year between Chattogram and Cox’s Bazar by 2024.
This railway stretch is one of several ADB railway projects that will assist Bangladesh in meeting its targets under the Eighth Five-Year Plan and Railway Master Plan.
According to the statement, the Chattogram-Cox’s Bazar Railway is part of the Trans-Asia Railway network, a United Nations program aimed at providing seamless rail connectivity between Asia and Europe to better connect people and markets.
The Asian Development Bank (ADB) is dedicated to establishing a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. It was founded in 1966 and is owned by 68 members, 49 of whom are from the region.
