DHAKA, Feb 01, 2021 (BSS) – The government of Bangladesh today signed a
$500 million financing agreement with the World Bank to help upgrade the
Jashore-Jhenaidah highway and improve the connecting rural roads and markets
that will benefit over 20 million people living in the western region.
The Western Economic Corridor and Regional Enhancement (WeCARE) Program
Phase I project will help upgrade the 48 km two-lane Jashore-Jhenaidah road
to a modern 4-lane highway.
The project will also help rehabilitate about 600 km connecting rural
roads and build new or develop existing rural markets. It will also install
fiber-optic cables along the highway to ensure fast and reliable internet
service, said a World Bank press release.
The agreement was signed by Economic Relations Division (ERD) Secretary
Fatima Yasmin and World Bank country director Mercy Tembon on behalf of the
government and the World Bank respectively. The credit from the World Bank’s
International Development Association (IDA) has a 34-year term, including a
four-year grace period.
“This is a ground-breaking project that will help improve transport
network,” said ERD Secretary Fatima Yasmin.
“Improvement in the logistics and transport in the western districts will
further help accelerate economic growth and development for the entire
country,” she added.
“With better connectivity and logistics, farmers will be able to reach new
and existing markets in less time and cost, and will also minimize loss from
spoilage of perishable goods,” said Mercy Tembon, World Bank Country Director
for Bangladesh and Bhutan.
“The economic corridor will create new opportunities for people and
stimulate the local economy. Moreover, this will help Bangladesh become a
regional hub for trade, transit and logistics,” she added.
The release said a “safe system approach” will be piloted along the highway
to reduce fatalities and injuries due to road crashes. The project will set
up separate lanes for slow-moving vehicles, road crash barriers, signage, and
safe crossing facilities for pedestrians.
The project is the first of a multi-phased $1.4 billion 10-year program to
upgrade the existing 110 KM two-lane highway, Bhomra-Satkhira-Navaron and
Jashore-Jhenaidah.
In the current phase, the project will be implemented in four districts:
Jashore, Jhenaidah, Magura, and Chuadanga. In the first two years, the
project will create about 1.3 million day works for local rural people in
civil works.
The World Bank was among the first development partners to support
Bangladesh following its independence. Since then, the World Bank has
committed more than $33.5 billion in grants, interest-free, and concessional
credits to the country.