Thursday, 28th October , 2021, 11:40 pm,BDST

$1127m loan for Dhaka-Ashulia Elevated Expressway

Bangladesh and China have signed an agreement of USD 1126.99 million for construction of the Dhaka-Ashulia Elevated Expressway project — aiming to reduce traffic congestion.

China’s Exim Bank will provide the USD 1126.99 million to Bangladesh government as preferential buyer’s credit (PBC), according to a press release from Ministry of Finance issued today.

The deal was signed on Tuesday (October 26).

As per the PBC agreement, annual interest rate is two percent and loan repayment period is 20 years including five years’ grace period, the release said.

The release also said, the main objective of the project is to minimise the traffic congestion in and around Dhaka-Ashulia. The project will be connected to the Dhaka Elevated Expressway and is located within the alignment of the Asian Highway.

“If this project is implemented, the traffic congestion in Abdullahpur-Ashulia-Bypail-Chandra corridor connecting Dhaka with 30 districts will be greatly reduced,” it added.

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