ADB provides 150 mln USD for development of two Bangladesh cities

Source: Xinhua| 2019-10-01 23:18:52|Editor: Mu Xuequan
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DHAKA, Oct. 1 (Xinhua) -- The Asian Development Bank (ADB) and the government of Bangladesh on Tuesday signed an agreement for 150 million U.S. dollars in loans to finance crucial infrastructure such as roads and drains and build capacity in two densely populated and fast-growing cities.

Monowar Ahmed, secretary of Bangladesh's Economic Relations Division (ERD), and Manmohan Parkash, Country Director of ADB in Bangladesh, signed the agreements on behalf of Bangladesh and ADB, respectively, at a ceremony in Dhaka.

"The Second City Region Development Project" builds on a similar such project which was completed in 2018, said the Manila-based leader in a statement.

The project will bolster growth, enhance living standards, and improve mobility, flood resilience, and solid waste management in capital Dhaka and Khulna city regions in southern Bangladesh, said Country Director Manmohan Parkash.

ADB said its finance comes in the form of a regular loan of 75 million U.S. dollars and a concessional loan for the same amount.

The government of Bangladesh will provide financing of 73 million U.S. dollars toward the 223 million U.S. dollars total cost of the project, which is due to be completed by the end of June 2024, it said.