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Abu Dhabi to loan Dh110m for roads in Bangladesh
The Abu Dhabi Fund for Development will provide Dh110 million loan to Bangladesh to build a regional road network.
The fund will be used to upgrade to four lanes, the 70-kilometre long South Asia Sub-regional Economic Cooperation or SASEC Road connectivity project in Bangladesh, which links it with Bhutan and Nepal through India.
The project will boost trade volumes, improve traffic flows and reduce the loss of perishable goods.
Studies show that upgrading regional highways in Bangladesh will support the movement of about 18 million tonnes of freight in Bhutan, India and Nepal, boosting intra-regional trade across South Asia, media reports say. The loan agreement was signed by Mohammed Saif Al Suwaidi, Acting Director General of ADFD and Kazi Shofiqul Azam, Assistant Undersecretary for Economic Relations at the Ministry of Finance in Republic of Bangladesh.
Al Suwaidi said the grant reflects the keenness of the fund to play a vital role in supporting the development march of Bangladesh, and is in line with its approach in carrying out sustainable development in developing countries to enable them to overcome the difficulties and challenges they faced in order to boost the living standards of the people.
He hoped the positive effects of the project will be extended to include various economic sectors in Bangladesh and in the neighbouring countries, because international routes in South Asia will be linked to boost trade among Nepal, Bhutan and northeast India.’ The international connectivity among these countries through the establishment of an international network of roads will make Bangladesh a regional transportation hub in addition to an improved internal traffic, Al Suwaidi said.
Kazi Shofiqul Azam said the funding will support the efforts of Bangladesh to achieve a comprehensive development, as the construction of roads would help in activating the economic movement in the region. The project will boost regional agriculture, fishing, and tourism and facilitate the transport of products to domestic and international markets, to boost revenues of the country. The Bangladeshi official praised the UAE leadership’s role in solidifying mutual cooperation with his country.
Also, he expressed his appreciation for the efficient role the Government of Abu Dhabi and the ADFD are playing in promoting development in Bangladesh by funding such vital development projects.
It is worth mentioning that ADFD’s involvement in the Republic of Bangladesh goes back to 1976. The Fund has since then offered and managed loans and grants totaling to around Dh382 million allocated for six projects. All the financed projects focused on the sectors most influential in the development process in Bangladesh.
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