ADB to give $200m for Southwest Economic Corridor

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DHAKA, July 11, 2018 (BSS)-Asian Development Bank (ADB) has decided to invest $200 million initially as part of its cooperation for the development of Southwest Economic Corridor.

This amount will be spent for fuel transportation and trade facilitation purposes.

The decision was taken at a meeting between executive director of Bangladesh Investment Development Authority (BIDA) Kazi Aminul Islam and representatives of ADB, said a handout here today.

According to BIDA, it has planned to develop Payra Port-Benapole-Dhaka and Dhaka-Sylhet Corridors which will connect Bangladesh, India, Myanmar and China. Along with it, some short, medium and long term projects will be taken.

ADB will individually and jointly implement national and regional projects which are the part of the corridor project. These projects will help develop planned industrialization, infrastructure, connectivity and other facilities, it said.

“These facilities will help Bangladesh connect with global value chain,” said the handout. Dongxiang Li, ADB’s lead regional cooperation specialist of Regional Cooperation and Operations Coordination Division (SARC) and Soon Chan Hong, economist, Bangladesh Resident Mission attended the meeting.