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ADB to fund 1.5 bln USD for Bangladesh-Myanmar railway network

Xinhua, February 19, 2016 Adjust font size:

The Asian Development Bank (ADB) is reportedly keen to fund a 1.5 billion U.S. dollars for building a rail line that will connect Cox's Bazaar, Bangladesh's southeastern beach resort, to neighboring Myanmar as part of a larger Trans-Asian Railway network.

Prime Minister Sheikh Hasina in 2011 opened construction work on the rail line but it has been on hold due to lack of funds.

"The ADB has been prioritising Bangladesh's policy for development through regional connectivity," Bangladesh Economic Relations Division (ERD) Joint Secretary Saifuddin Ahmed was quoted as saying in a report of leading local news agency bdnews24.com on Friday.

"The project under Trans-Asian Railway corridor will set up rail links with Myanmar. The ADB wants to fund it because of its tremendous prospect," he said.

Some 100 km of rail lines will connect Bangladesh with Myanmar through Ghumdhum border.

"We've had two meetings with the ADB mission on this project. The ADB has agreed to give 1.5 billion U.S. dollars in loan at two percent interest."

Bangladesh has a 300 km-border with Myanmar and the country expects to connect by road and rail with Kunming in China through Myanmar. Endit