Business Report :
South Korea is set to provide a loan of $814.91 million to Bangladesh for the construction of a rail and road bridge across the Karnaphuli river at the Kalurghat point in Chattogram.
Of the loan, $724.73 million will come from the Economic Development Cooperation Fund, and $90.18 million from the Economic Development Promotion Facility, according to a statement from the Economic Relations Division (ERD).
Md Shahriar Kader Siddiky, secretary of the ERD, and Yoon Hee Sung, chairman and chief executive officer of Korea Eximbank, signed two separate loan agreements on behalf of the government and Korea.
Abul Hassan Mahmood Ali, finance minister, Md Zillul Hakim, rail minister, Waseqa Ayesha Khan, state minister for finance, and Park Young-sik, Korean ambassador to Bangladesh, were also present at the signing ceremony.
Bangladesh Railway under the ministry of railways will implement the project, which is expected to minimise rail congestion in the proposed Chattogram-Cox’s Bazar corridor and ensure seamless railway transport.