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The government of Bangladesh and Asian Development Bank (ADB) will sign two loan agreements of US$ 360 million on the ‘Railway Rolling Stock Operations Improvement Project’ today in the city.
Two loan agreements are U$354 million ordinary capital resources (OCR) and US$ 6 million concessional OCR Lending.
Secretary, Economic Relations Division (ERD) Kazi Shofiqul Azam and ADB Country Director Manmohan Parkash will sign the loan agreements on behalf of Bangladesh and ADB respectively, an official informed.
The signing ceremony will be held at 4:30 pm at the NEC-II conference room, Sher-e-Bangla Nagar in the city.
The government of Bangladesh, earlier, proposed a project for Asian Development Bank (ADB) financing to improve the operational efficiency of Bangladesh Railway through the procurement of modern rolling stock, preparation of investment projects to enhance its rolling stock maintenance capacity and support for the ongoing railway reform.
The project will contribute to the increase in railway share as a core transportation mode of the country and to the modal shift from roads to rail, according to the ADB.
The modal shift and the efficient rolling stock will reduce carbon dioxide (CO2) emission.