Dhaka, Bangladesh (BBN)– The Asian Development Bank (ADB) is set to provide $1.5 billion for building a rail line that will connect Cox’s Bazaar to neighbouring Myanmar as part of a larger Trans-Asian Railway network.
Bangladesh’s Prime Minister Sheikh Hasina in 2011 opened construction work on the rail line but it has been on hold due to lack of adequate funds.
“The ADB has been prioritising Bangladesh’s policy for development through regional connectivity,” the country’s Economic Relations Division (ERD) Joint Secretary Saifuddin Ahmed said in a report on Friday, according to Xinhua.
“The project under Trans-Asian Railway corridor will set up rail links with Myanmar. The ADB wants to fund it because of its tremendous prospect,” he said.
Some 100 km of rail lines will connect Bangladesh with Burma, officially known as Myanmar through Ghumdhum border.
“We’ve had two meetings with the ADB mission on this project. The ADB has agreed to give $1.5 billion in loan at two percent interest.”
Bangladesh has a 300 km-border with Myanmar and the country expects to connect by road and rail with Kunming in China through Burma.