Japan to fund in a big way | The Daily Star
Monday, March 11, 2013
Japan to fund in a big way
Signs $1.04b loan package for 4 major projects
Staff Correspondent
Bangladesh and Japan yesterday signed a deal under which Tokyo will provide $1.04 billion loan to implement four projects, including the construction of three four-lane bridges on Dhaka-Chittagong highway.
According to a statement of ERD, the four lane bridges will be constructed beside the existing two-lane Kanchpur, Meghna and Gumti bridges.
The existing bridges on the highway will also be repaired under the project that will end in 2021.
Abul Kalam Azad, secretary of Economic Relations Division (ERD), and Takao Toda, chief representative of Japan International Cooperation Agency (Jica), signed the deal at the National Economic Council (NEC) auditorium.
At the signing ceremony, Azad said it would be the largest loan package to be provided by Japan. With an interest rate of 0.01 percent, the loan is payable in 40 years including 10 years of grace period.
Of the four projects, the total cost for Kanchpur-Meghna and Gumti Second Bridge Construction and Existing Bridge Rehabilitation Project is $1.13 billion. Japan will bear 76 percent of the total project cost in phases. In the first phase, it will provide $316 million.
The country will provide $380 million for Karnaphuli Water Supply Project, $224 million for Northern Bangladesh Integrated Development Project and $124 million for Renewable Energy Development Project.
Japan is Bangladeshs biggest bilateral development partner. Since the independence, Japan committed $11 billion to Bangladesh of which $7 billion has already been disbursed, the ERD statement read.
Finance Minister AMA Muhith, Communications Minister Obaidul Quader and Japanese Ambassador Shiro Sadoshima, among others, were present during the signing ceremony. On February 20, the two countries signed another loan package worth $784 million to implement four projects, including the metro-rail system.
Monday, March 11, 2013
Japan to fund in a big way
Signs $1.04b loan package for 4 major projects
Staff Correspondent
Bangladesh and Japan yesterday signed a deal under which Tokyo will provide $1.04 billion loan to implement four projects, including the construction of three four-lane bridges on Dhaka-Chittagong highway.
According to a statement of ERD, the four lane bridges will be constructed beside the existing two-lane Kanchpur, Meghna and Gumti bridges.
The existing bridges on the highway will also be repaired under the project that will end in 2021.
Abul Kalam Azad, secretary of Economic Relations Division (ERD), and Takao Toda, chief representative of Japan International Cooperation Agency (Jica), signed the deal at the National Economic Council (NEC) auditorium.
At the signing ceremony, Azad said it would be the largest loan package to be provided by Japan. With an interest rate of 0.01 percent, the loan is payable in 40 years including 10 years of grace period.
Of the four projects, the total cost for Kanchpur-Meghna and Gumti Second Bridge Construction and Existing Bridge Rehabilitation Project is $1.13 billion. Japan will bear 76 percent of the total project cost in phases. In the first phase, it will provide $316 million.
The country will provide $380 million for Karnaphuli Water Supply Project, $224 million for Northern Bangladesh Integrated Development Project and $124 million for Renewable Energy Development Project.
Japan is Bangladeshs biggest bilateral development partner. Since the independence, Japan committed $11 billion to Bangladesh of which $7 billion has already been disbursed, the ERD statement read.
Finance Minister AMA Muhith, Communications Minister Obaidul Quader and Japanese Ambassador Shiro Sadoshima, among others, were present during the signing ceremony. On February 20, the two countries signed another loan package worth $784 million to implement four projects, including the metro-rail system.
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