KFAED, Abu Dhabi Fund to finance $86.9m bridge project on Khulna’s Chunkuri River

The Kuwait Fund for Arab Economic Development (KFAED) and the Abu Dhabi Fund for Development will finance a $86.91 million bridge project in Khulna aiming to enhance the economic and social development of the southwest region of Bangladesh.

The Bangladesh government signed a loan agreement with the Kuwait Fund to this end yesterday (24 June) in Vienna, Austria, according to a press statement issued today (25 June).

Under the agreement, the Kuwait Fund will provide $42.20 million, and the Abu Dhabi Fund will provide $30 million for the “Chunkuri Bridge Project” on Chunkuri River in Khulna.

The project also aims to ease the movement of passengers and freight through a direct road connection of the region with the capital city Dhaka.

The agreement signing comes as a high-powered delegation led by Finance Minister Abul Hassan Mahmood Ali is visiting Vienna from 23 June to attend the Opec Fund Development Forum 2024 scheduled for today. 
State Minister of Finance Waseqa Ayesha Khan, Ambassador of Bangladesh in Austria Asad Alam Siam and Economic Relations Division Additional Secretary Mirana Mahrukh are accompanying the finance minister during the visit.

Yesterday, Minister Ali attended the 25th Anniversary of Opec Fund Private Sector Operations.

He met the Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar and thanked him for the fund’s continued support and assistance in the form of concessional loans and grant since 1974.

The finance minister requested Waleed Al-Bahar to increase its support in days to come. Al-Bahar assured that the Kuwait Fund will continue to support Bangladesh in a more productive way.

Along with the public sector, he would like to extend support to the private sector of Bangladesh.

Meanwhile, in a sideline meeting, the finance minister also met the President of Opec Fund Dr Abdulhamid Alkhalifa.

During the meeting, Ali thanked the Opec Fund for its contribution to the socio-economic development of Bangladesh by providing $693.61 million in favour of 32 projects.

He thanked the Opec Fund for helping Bangladesh during the Covid-19 pandemic by providing budget support. 
Besides, Dr Abdulhamid Alkhalifa accepted the idea of having a Framework Agreement proposed by the finance minister and mentioned that Opec will sign the Framework Agreement for 3-5 years to have wider cooperation.