RNS: Asian Development Bank (ADB) would lend Bangladesh $400 million to build 102 kilometres of dual gauge railways between Chattogram and Cox’s Bazar to stimulate trade, investment, and tourism.
ADB and government officials of Bangladesh signed the loan agreement in Dhaka on Sunday. The new rail link is expected to open this year; it aims to transport 2.9 million passengers annually between Chattogram and Cox’s Bazar by 2024, sources said.
Notably, Chattogram-Cox’s Bazar Railway is part of the Trans-Asia Railway (TAR) network, an initiative led by the United Nations to provide seamless rail links between Asia and Europe to connect people and markets better. TAR network provides a coordinated plan for developing a regional rail network to support intra- and inter-regional trade and transport.
The 128,000-kilometre-long rail network passed through 28 countries and was formalised through an Inter-governmental Agreement on the Trans-Asian Railway network in 2009.
ADB Deputy Country Director for Bangladesh Jiangbo Ning called it a ‘priority investment’, which will open the unserved areas of Cox’s Bazaar region by promoting investment, trade and tourism.
