Morocco Report
  • Automotive
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Luxury
  • News
  • More
    • Sports
    • Technology
    • Travel
Reading: OFID signs deal to co-finance road network in Bangladesh
Share
Aa
Morocco Report
Aa
Search
  • Automotive
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Luxury
  • News
  • More
    • Sports
    • Technology
    • Travel
© 2022 Morocco Report | All Rights Reserved
Morocco Report > Business > OFID signs deal to co-finance road network in Bangladesh
Business

OFID signs deal to co-finance road network in Bangladesh

July 16, 2021
Share
SHARE
The OPEC Fund for International Development (OFID) has signed a US$75 million loan agreement with Bangladesh to improve connectivity and accessibility between the rural southwest regions and the capital Dhaka. The OPEC Fund loan will co-finance the construction of the Nalua-Baherchar Bridge (1.3km) over the Pandab-Paira River and build access roads. 
OFID signs deal to co-finance road network in Bangladesh

This project will improve connectivity between Dhaka and the southwest districts of Barisal and Patukhali, where agriculture and fishing are key economic activities. As travelers currently cross the river by ferry, the project will reduce travel time and costs while also allowing agricultural produce to reach marketplaces faster. The government of Bangladesh is also co-financing the project.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, “We are pleased to support Bangladesh in its goal to advance its transport sector. A stronger transportation infrastructure lowers costs and travel times, increases competitiveness, and helps to expand intraregional trade. This project will ultimately improve connectivity for nearly 1.6 million people. The OPEC Fund looks forward to further expand its strong partnership with Bangladesh.”
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.

You Might Also Like

From India to Brazil, leadership transition marks G20 Summit’s conclusion

African Union Inducted into G20 on India’s Initiative

Biden and Modi cement ties as India ascends global stage

Digital work revolution sees the world’s gig economy expand by 12 percent

ASEAN Summit in Jakarta sees PM Modi advocating India’s growing global impact

Admin July 16, 2021
Share this Article
Facebook TwitterEmail Print
Previous Article ADNOC invests over $764 million in drilling-related services
Next Article Nile Air starts link between Cairo Airport and Al Ain Airport

Latest News

UAE and India discuss strategic ties at UNGA78 in New York
News
Leaders of UAE and Netherlands convene to reinforce mutual cooperation
News
UN calls for greater female representation in police forces worldwide
News
Africa faces skyrocketing costs of climate change, projected to reach $440 billion
News
Revolutionary acoustic study sets new standard for marine conservation in the UAE
News
MENA Newswire reconfigures the algorithm of organization generated content
News

You Might Also Like

News

UAE and India discuss strategic ties at UNGA78 in New York

September 26, 2023
News

Leaders of UAE and Netherlands convene to reinforce mutual cooperation

September 26, 2023
News

UN calls for greater female representation in police forces worldwide

September 8, 2023
News

Africa faces skyrocketing costs of climate change, projected to reach $440 billion

September 5, 2023

© 2022 Morocco Report | All Rights Reserved

  • Home
  • Contact Us
Welcome Back!

Sign in to your account

Lost your password?