ADB provides 400 million USD for SE Bangladesh rail project

ADB provides 400 million USD for SE Bangladesh rail project

Daily Current Affairs   /   ADB provides 400 million USD for SE Bangladesh rail project

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Category : Business and economics Published on: June 27 2023

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  • The Asian Development Bank (ADB) has signed a loan agreement with the government of Bangladesh to provide $400 million for the construction of a dual gauge railway between Chattogram and Cox's Bazar.
  • The new rail link is expected to open this year and aims to transport approximately 2.9 million passengers annually between Chattogram and Cox's Bazar by 2024.
  • The ADB is supporting the government's shift from road to rail transport, as rail is considered a climate-friendly, safe, affordable, and efficient mode of transportation.
  • The Chattogram-Cox's Bazar Railway is part of the Trans-Asia Railway (TAR) network, which is an initiative led by the United Nations.
  • The TAR network covers a total of 128,000 kilometers and passes through 28 countries. 
  • It was formalized through an Inter-governmental Agreement on Trans-Asian Railway network in 2009.
  • Asian Development Bank (ADB) is a regional multilateral financial institution which focuses on the countries of Asia and Pacific region.
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