Japan to provide USD 1.24 billion loan to Bangladesh for road, railway and port projects

• Japan will provide USD 1.24 billion Official Development Assistance (ODA) loan to Bangladesh for three infrastructure and connectivity projects in the country.
• An exchange of notes was signed between the two countries towards the second instalment of 43rd Japanese Yen Loan package amounting to USD 1.24 billion. Earlier, Japan had provided the first instalment of the loan of approximately the same amount making the total package worth approximately USD 2.48 billion.
• The loan package includes Chattogram- Cox’s Bazar highway improvement project, construction of the dual gauge rail line between Joydebpur-Ishwardy section and Matarbari Port development project, phase 2. The loans carry an interest rate of 1.2 percent per annum with a repayment period of 30 years including the grace period of 10 years. Speaking on the occasion of signing of agreement, Ambassador IWAMA Kiminori said that Japan believes these projects will further improve the quality of life of the people of Bangladesh and stimulate economic activities. 
• He also mentioned Prime Minister Fumio KISHIDA's policy speech in India earlier this month during which he elaborated upon the vision of the  ‘Free and Open Indo-Pacific’ (FOIP). Prime Minister Kishida had also emphasised the importance of connectivity as the core element to FOIP cooperation and Bay of Bengal as one of the key regions, said Ambassador IWAMA. Japan has been the single largest bilateral donor for Bangladesh since 2012, assisting a variety of mega-infrastructure projects.
   

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Published date : 31 Mar 2023 03:47PM