Officials shake hands after signing agreements in connection to a China-funded mega road infrastructure project at a ceremony in Dhaka, Bangladesh on Feb. 25, 2020. Two agreements on financial close for a China-funded mega road infrastructure project in Bangladesh capital was signed here on Tuesday. (Str/Xinhua)
DHAKA, Feb. 25 (Xinhua) -- Two agreements on financial close for a China-funded mega road infrastructure project in Bangladesh capital was signed here on Tuesday.
A project company named as First Dhaka Elevated Expressway Company, Ltd. (FDEE ) owned by China Shandong International Economic & Technical Cooperation Group Ltd (CSI), Sinohydro Cooperation and Italian-Thai Development Public Company Limited (ITD) is implementing the Dhaka Elevated Expressway Project under Public Private Partnership initiative.
Last April, FDEE signed a facility agreement with the Export-Import Bank of China and the Industrial and Commercial Bank of China (ICBC) for financing the project. China EXIM Bank will finance 461 million U.S. dollars while ICBC will provide 400 million U.S. dollars to implement the project for which the Bangladeshi government has also disbursed its committed funds, called viability gap funding (VGF).
A document in connection to VGF was aso signed on Tuesday at the signing ceremony.
The elevated expressway project, scheduled to be implemented by 2022, will be the first big infrastructure project under PPP initiative based on BOT (Build, Operate and Transfer) module. The total length of the expressway is 46.73km, including 19.73km mainline.
