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Japan extends loan for project
21 May 2011: Bangladesh will receive more than $ 670 million (approx Rs 3,015 crore) credit for three projects including $ 415 million (approx Rs 1,867.5 crore) for Padma Multipurpose Bridge (PMB) from Japan.
The concessional loan is the highest with 0.01 annual interest rate, 10-year grace period and 40-year repayment period whose grant element is 87.07 per cent. The package will serve for financing PMB (34,200 million Yen approx $ 415 million), Khulna Water Supply (15,729 million Yen- approx $ 190 million), and Small and Medium-sized Enterprises (5,000 million Yen -approx $ 60 million).
The $ 415 million credit will be spend for the PMB to support economic growth and poverty reduction through improved regional connectivity between the south-eastern region and central Dhaka as well as other regions of the country.
About the implementation of PMB project the communication minister reiterated saying there was no obstacle to start the physical work. Immediately the tender for the main bridge will be invited.
Source: Bangladeshinfo