They said the BDT 220bn (USD 2.75bn) project had been ready for approval since long and was sent to the ECNEC in the first week of this month (December 2012) after getting funding assurance from the project’s Japanese financier.
Soon after Japan International Cooperation Agency (JICA) assured of providing BDT 165.95bn (USD 2.07bn), the metro rail project, known as MRT line-6 (Mass Rapid Transit line-6), was sent to the ECNEC to speed up the process of implementation, the officials added.
The Vice President of JICA announced his government’s commitment to fund the country’s first MRT project during his recent visit to Bangladesh.
"We are now confident about starting the metro rail project during our government’s tenure," said Communications Minister Obaidul Quader.
As the project is ready with significant progress through enactment of related law and formation of the company, the government is hopeful of starting its implementation work soon, the minister said.
A senior ministry official said the approval from ECNEC is important as the government expects to sign the loan agreement with JICA next month (January 2013).
He said Japanese contribution to the MRT-6 project would be 75 per cent.
According to the development project proposal (DPP), Dhaka Mass Rapid Transit Development (DMRTD) project will be implemented at a cost of Tk 219.85 billion, of which Japan’s contribution would be Tk 165.94 billion. The Bangladesh government will contribute Tk 53.90 billion mainly for land accusation and resettlement purpose. The total Japanese commitment would be disbursed in 12 years starting from 2012.
The officials however said the metro rail project took several months’ time to be placed to the ECNEC for not getting funding assurance before.
