The government of Bangladesh on Monday signed a $500 million financing agreement with the World Bank to help upgrade the Jashore-Jhenaidah highway and improve the connecting rural roads and markets that will benefit over 20 million people living in the western region.
The Western Economic Corridor and Regional Enhancement (WeCARE) Program Phase I project will help upgrade the 48 KM two-lane Jashore-Jhenaidah road to a modern 4-lane highway.
The project will also help rehabilitate about 600km connecting rural roads and build new or develop existing rural markets. It will also install fiber-optic cables along the highway to ensure fast and reliable internet service.
Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan, said, “With better connectivity and logistics, farmers will be able to reach new and existing markets in less time and cost, and will also minimise loss from spoilage of perishable goods.”
She said the economic corridor will create new opportunities for people and stimulate the local economy. Moreover, this will help Bangladesh become a regional hub for trade, transit and logistics.
A “safe system approach” will be piloted along the highway to reduce fatalities and injuries due to road crashes.
The project will set up separate lanes for slow-moving vehicles, road crash barriers, signage, and safe crossing facilities for pedestrians.
Fatima Yasmin, Secretary of Economic Relations Division, said, “This is a ground-breaking project, which will help improve transport network. Improvement in the logistics and transport in the western districts will further help accelerate economic growth and development for the entire country.”
The project is the first of a multi-phased $1.4 billion 10-year program to upgrade the existing 110km two-lane highway, Bhomra-Satkhira-Navaron and Jashore-Jhenaidah.
In the current phase, the project will be implemented in four districts: Jashore, Jhenaidah, Magura, and Chuadanga. In the first two years, the project will create about 1.3 million day works for local rural people in civil works.
The agreement was signed by Fatima Yasmin and Mercy Tembon on behalf of Bangladesh government and the World Bank, respectively. The credit from the World Bank’s International Development Association, has a 34-year term, including a four-year grace period.
