Loan signing programme for the US $ 344 million South Asia Sub-regional Economic Cooperation (SASEC) Road Connectivity Project is likely to be held next week, as the project financiers have confirmed the funding, officials said Monday.
The Asian Development Bank (ADB) has confirmed $198 million technical assistance for the project, designed to facilitate road connectivity with the Asian Highway.
Besides, the Organisation of the Petroleum Exporting Countries (OPEC) and the Abu Dhabi Fund for Development have confirmed $30 million each for the project.
A meeting was held at the Economic Relations Division (ERD) Monday, confirming the funding. Rest of the fund of the project will be provided by the government.
Under the SASEC project, the Roads and Highways Department (RHD) will carry out four-laning work of the Dhaka-Tangail Highway from Joydevpur to Elenga of the Bangabandhu Bridge.
The officials said as traffic volume on this national highway would increase after opening of the Asian Highway-2, the fund will be utilised to expand part of the highway.
Five flyovers will also be constructed along the corridor, they said, adding that Burimari and Benapole land-ports will also be developed with the fund.
Besides, the project will help strengthening institutional capacity of the RHD, under which the RHD Building will be constructed at Tejgaon in the city.
The officials said the Planning Commission has already approved the development project proposal (DPP) of the 70-kilometre road expansion work, and it is now awaiting approval from the Executive Committee of National Economic Council (ECNEC).
Part of the Dhaka-Tangail Highway has been turned into a four-lane one, the project will help expand rest of the road from Joydevpur to Elenga to four-lane through Chandra and Tangail.