World Bank Approves USD 500 Million to Bangladesh for Improving Road Connectivity
World Bank has approved a loan amount of USD 500 million to Bangladesh on 23rd June 2020. The amount was approved for improving road connectivity along the Jashore-Jhenaidah corridor that will benefit 4 western districts of Bangladesh. This will be Phase I of the overall USD 1.4 billion multi-phase projects of the World Bank for improving road connectivity in Bangladesh.
The World Bank stated that the western districts of Bangladesh are endowed with much natural and agricultural produce. The project once completed will have great economic potential for the entire region.
Phase I of the Project
Phase I of the project for which USD 500 million has been approved is named as Western Economic Corridor and Regional Enhancement (WeCARE). In this phase, an existing 110 Km of two-lane highway will be upgraded to a safer and climate-resilient four-lane highway. This 110 Km project will be part of the Bangladesh Government’s larger plan of developing an economic corridor of 260 km in the western part of the country.
Between Jhenaidah and Jashore, 48 Km will also be upgraded on the N7 highway under the Phase I. Apart from this, 600 Km of rural roads that connect 32 rural markets will also be improved under this Phase.
Month: Current Affairs - June, 2020
Category: Economy & Banking Current Affairs