135m euro loan deal signed with EIB for railway development

The European Investment Bank (EIB), the European Union's long-term financing institution, has recently signed in Dhaka a loan agreement of 135 million euros with the government of Bangladesh to further improve the railways.

The project is part of a broader programme to upgrade the 321km rail corridor between Dhaka and Chittagong by 2020, and will also facilitate the rail connection of landlocked Bhutan, Nepal and the northeastern states of India with Chittagong Port.

The total project cost is approximately 555 million euros.