Govt inks deal with AIIB to construct Kewatkhali bridge
The government has inked a loan agreement amounting $260 million with the Asian Infrastructure Investment Bank (AIIB) to implement the 'Construction of Kewatkhali Bridge at Mymensingh Project'.
Fatima Yasmin, secretary of Economic Relations Division, and DJ Pandian, vice president of the Investment Operations Region 1, on Monday signed the loan agreement on behalf of Bangladesh and AIIB respectively, said a press release.
It said Bangladesh made rapid social and economic progress in recent decades. To expedite and get benefit of the progress, there is no alternative to the development of communication.
The existing Shambhuganj bridge over the Brahmaputra river at Mymensingh is currently connecting the region with the capital Dhaka. Every day innumerable vehicles, including trucks carrying stone, coal and other imported materials from three major land ports located in Mymensingh division are using this bridge. Now its capacity is inadequate for timely communication.
Therefore, this project has been taken by the Road Transport and Highways Division for being implemented by the Department of Roads and Highways.
The construction of the proposed bridge will reduce the additional traffic congestion on the existing bridge and facilitate road connectivity between several districts of Mymensingh division and the land ports, EPZs and economic zones of the region.
This will attract new investments and open the door to economic development. The Project will be implemented from July 2021 to June 2025.
Under the project-01 steel arch bridge of 320 meter (m) length, 780m approach bridge, 551 m road overpass and 240 m railway overpass, 6.20km highway with 4 lanes including SMVT lanes and 1 toll plaza will be constructed.
The loan will be received in standard terms and conditions of AIIB. The repayment period of the loan is 33.5 years, including 5 years grace period
Payable Front end is fee 0.25 per cent and commitment fee is 0.25 per cent per annum for undisbursed amount.