Finance
Chittagong Metro Rail Project South Korea proposes to build metro rail in Chittagong in PPP
Seoul, March 5: Metro rail is going to be in Chittagong port city with special interest of Prime Minister Sheikh Hasina. Feasibility study is being discussed in this regard. During the talks, South Korea proposed to invest in the construction of a metro rail in the port city on the basis of public-private partnership (PPP). As per the proposal, they have expressed interest in starting the survey work soon.
The investment was proposed at the fourth Bangladesh-Korea Joint PPP Platform Meeting in the South Korean capital of Seoul on Wednesday (March 2). The meeting was attended by a five-member delegation led by Secretary Sultana Afroz, Chief Executive Officer (CEO) of PPP Authority of Bangladesh.
Concerned officials from the South Korean government, led by Vice Minister of Land, Infrastructure and Transport Yun Seong-won, attended the meeting.
The project was proposed by both the countries on the basis of demand. Four projects were proposed by South Korea for investment there. These included construction of metro rail in Chittagong, water demand reduction at Bangabandhu Sheikh Mujib Medical University (BSMMU), Solar PPP project and 71 Gulshan Avenue, and the Development of Banani Community Center project.
On the other hand, Bangladesh also proposed to South Korea to invest in four projects. These included the construction of high-rise buildings to alleviate the housing crisis for upper, middle and low-income people, the construction of a multipurpose water terminal, the construction of a multipurpose terminal at Mongla Port, the construction of equipment and yards, and the development of a Payra port.
Vice Minister of the Ministry of Land, Infrastructure and Transport, Yun Seong-won, said at the meeting that the PPP has strengthened the long-term and reliable partnership between Bangladesh and South Korea. As a result, four infrastructural PPP projects on roads, bridges, railways and transmission lines have been selected through a joint PPP platform for further cooperation between the two countries.
During the meeting, Secretary Sultana Afroz briefly described the various incentives of Bangladesh Rocker to foreign investors. The Secretary also highlighted the favourable technical, legal and social environment prevailing in the country for the expansion of foreign investment through public-private partnership.
The CEO of the PPP authority said that South Korea has announced an investment of 70 crore dollars to lay power lines underground in the new town of Purbachal. They have also offered to invest in the construction of metro rail in Chittagong.
