The Asian Development Bank (ADB) is set to provide $1.5bn in funding for the construction of a dual-gauge railway line in Bangladesh.
The four-tranche funding represents the largest ever investment made by the bank in Bangladesh and its biggest in a railway project.
The scope of the work will include the construction of the rail section and nine stations — entailing an investment of $2,01bn.
According to ADB, the new railway line, part of the Trans-Asia Railway network, will bring trade and tourism to the southernmost parts of the country and improve access to Myanmar and beyond.
ADB South Asia department principal transport specialist Markus Roesner said: “The planned 102km stretch of railway will connect the tourist town of Cox’s Bazar with the existing Bangladesh railway network.
“It will provide a key boost to local and regional tourism by providing both safe and environmentally friendly connectivity from Dhaka and Chittagong.”
The project will also receive $512M from the government and a further $1M in technical assistance to help Bangladesh Railway with safeguards, safety awareness, and procurement.