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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