Bangladesh mulls Chinese offer to build metro and offshore city
5 September 2022An unnamed Chinese company has proposed building a metro line in Bangladesh’s second city Chattogram, and reclaiming land from the sea to build a 60-sq-km city, which it would partly own.
The proposals, reported in local newspaper The Daily Star, were outlined in a document placed before the standing committee on housing and public works in Bangladesh’s parliament, the Jatiya Sangsad Bhaban.
The committee recommended that the proposals be sent to the office of Sheikh Hasina, the country’s prime minister.
Some preliminary work on the two schemes has already begun. The Chattogram Development Authority signed a memorandum of understanding with the Chinese company and a Bangladeshi company in January. Under the agreement, the authority would make land available for the city project.
The Chattogram metro line would run for 20km between the city’s central train station and the airport. The Chinese company would pay the $2.2bn cost of the project, and would partner with local construction companies.
The proposal follows competing bids from companies in China and South Korea to construct the city’s first metro line.
In February, South Korea expressed interest in conducting a pre-feasibility study for the metro, and the Korea International Cooperation Agency offered a grant of $5m to carry it out (see further reading).
The Seaside Bay View Smart City would be located to the north of Chattogram and would have areas for modern businesses, residence, conference and exhibitions.
The document did not set out how much of the completed asset would be owned by the Chinese concern, but did estimate that 20,000 jobs would be created and the GDP of Bangladesh would be raised by up to three percentage points.
According to the Star, Bangladeshi authorities want to sign a treaty by next May, complete financial closure by the end of the year in order to break ground in 2027.
Related
-
Vietnam considers nuclear power revival for energy security
17 September 2024
-
EIB, FirstRand bank invest €400m in South African renewable energy projects
15 September 2024
-
Germany will have to invest €120bn to make public buildings carbon neutral by 2045
13 September 2024
-
Saudi Arabia invites Chinese companies to invest in key industrial sector
11 September 2024
-
The Y. Elites Association from Hong Kong Visits the ACC
30 August 2024
-
China, Brunei Boost ASEAN Sub-regional Industry Cooperation
30 August 2024