THE ROOPPUR NCLEAR POWER PLANT

Project Overview
The Government of Bangladesh is building its first nuclear power plant in Rooppur on the east
side of the river Padma near Ishwardi in the Pabna district of Bangladesh. It will be a 2.4 GWe
nuclear power plant in Bangladesh. The nuclear power plant will be the country's first nuclear
power plant, and the first of two units are expected to go into operation in 2023. Nuclear reactor
and critical infrastructure are being built by the Russian Rosatom State Atomic Energy
Corporation. "Non-critical" infrastructure is being built by Bangladeshi and Indian construction
companies such as the MAX Group of Bangladesh and the Hindustan Construction Company of
India.

Probable economic benefits

The Rooppur NPP will be an important driver of social and economic development of Bangladesh and
make a sizable contribution to the country’s energy mix. The Rooppur NPP have some special economic
benefits due to very large generation capacity over a longer service life.

 It has a service life of main equipment of 60 years without necessity of its replacement
 The power generation from the Rooppur NPP is highly cost competitive compared to that from
gas, coal, and imported electricity from India. The Levelized Cost of Electricity is estimated less
than 5 taka per unit where the average generation cost of electricity by other means is much
higher than this. 
  The Rooppur Nuclear Power Plant will accelerate the growth of the country’s industrial sector
and thus will contribute to the overall economic development. It will provide employment
opportunities for locals and revenues from taxes which will help to support a healthy economy.
The project has led to direct employment of close to 14,000 Bangladeshi workers, as per local
media reports. In addition, there are more than 3000 foreign nationals working at the project.
 One study found that through multiplier effect in consumption, investment and government
expenditure, the change in GDP due to electricity production through Rooppur Power Plant is
estimated $1.4 billion per year. The net economic benefit, which is the difference between
discounted economic benefit and discounted economic cost, will be approximately $71.4 billion.
The marginal impact of each dollar spent in Rooppur Power Plant would be 3.6 against 1.3 for
coal based electricity production. 
 The two units of RNPP, once fully operational by 2024, will add 2400 MW in the country’s
energy supply

Financing
It has become a big question whether a country like Bangladesh could afford a $13.21 billion
project under 90 per cent Russia’s supplier’s credit with 1.75 per cent interest plus LIBOR -
London Interbank Offered Rate. As of an estimate prepared by the economic relations division
under the finance ministry, Bangladesh would have to pay up to $8 billion in interest against the
Russian credit of $11.385 billion for main construction of the power plant. The government has
also started repayment of the $500 million Russian credit invested in the preparatory works to
facilitate the main construction of the power plant. It signed the $500 million credit agreement on
13 January 2013 and the $11.385 billion credit agreement on 26 July 2016. 
The Bangladesh government will repay the $11.385 billion Russian credit with interest in 40
equal installments beginning from March economy, as it gets 30 years with a 10-year grace
period for the repayment. The country’s own investment in the power project alone would be
$1.32 billion over the project’s implementation period in two phases - preparatory phase until
2017 and the construction phase until 2025 as the construction phase included provisional
operation period of the two-unit power plant until final takeover scheduled for 2025. 
Local experts fear that the Rooppur nuclear power project would cost high as they believe that
the project implementation would be delayed significantly. The local experts’ concerns was
echoed in the world nuclear industry’s status report published in September this year. All the 53
under construction nuclear reactors are behind the schedule. Advanced nations with the nuclear
technology like Russia, USA, China and Japan are implementing those projects among the
others. The pressure of repayment might leave the future government no options but to slash
budget allocation for more fundamental projects like health, education and disaster management. 
Finally, the price of electricity from the Rooppur nuclear power plant will be beyond the
affordability of the power consumers. The officials related to the project, however, asserted on
several occasions that the electricity price will be much less than coal-fired one. Besides, the
government finds no problem in repayment of the credit as the country’s economy and the
government’s financial capability would grow significantly in the next 10 years before the
repayment of $11.385 billion is matured.
Estimated and so far actual costs
The contracted price for the 2,400 MWe Rooppur Nuclear Power Plant, consisting of two
Russian VVER-1200 reactors, is USD 12.65 billion. If we add USD 550 million, which we
already spent for the project, the total price comes to USD 13.21 billion.
This is a big sum of money, enough to build four Padma bridges! Is it reasonable? For
comparison of power plants of different sizes, it is convenient to quote the price on per unit
(kWe) basis. USD 13.2b for 2,400 MWe comes to USD 5,500/kWe on this basis. (Matin, 2021)

Terms and conditions of donor

In particular, a protocol was signed amending the 2015 intergovernmental agreement between
the Russia and Bangladesh on the construction of a nuclear plant in Bangladesh relating to the
operation, maintenance and repair of the Rooppur nuclear plant. The protocol establishes the
right of Bangladesh to attract a Russian organisation on a long-term basis to support the
operation, maintenance and repair of Roopur 1&2, as well as the supply of equipment, supplies
and spare parts, and the provision of training services for maintenance and repair personnel
during the operation of plants.
In addition, a full package of annexes to the contract for the supply of nuclear fuel for Rooppur
was signed between Russian fuel company Tvel and the Bangladesh Atomic Energy
Commission. The contract is valid until the end of the life of both nuclear power units. Russia
and Bangladesh have signed an $11.38 billion loan agreement, paving the way for the main
construction work of Rooppur Nuclear Power Project. The Russian loan covers 90 percent of the
project cost and carries an interest rate of LIBOR plus 1.75 percent. The interest rate will not
exceed 4 percent. The repayment period is 30 years, including a grace period of 10 years.
Disbursement will begin in 2017. Russia will take back the spent fuel from Bangladesh territory
for reprocessing, recycling and management from Rooppur nuclear power plant.

RAMPAL POWER PLANT

Project Overview
The Rampal power plant is a proposed 1320 megawatt coal-fired power station at
RampalUpazila of Bagerhat District in Khulna, Bangladesh. It is a joint partnership between
India's state owned National Thermal Power Corporation and Bangladesh Power Development
Board. The joint venture company is known as Bangladesh India Friendship Power Company
(BIFPC).The proposed project, on an area of over 1834 acres of land, is situated 14 kilometres
north of the world's largest mangrove forest Sundarbans which is a UNESCO world heritage site.
It will be the country's largest power plant.
This project violates the environmental impact
assessment guidelines for coal-based thermal
power plants. On August 1, 2013, Department
of Energy of Bangladesh approved construction, but then changed its stance and set 50
preconditions for the project.
But the location of the plant, 14 kilometers from the Sundarbans, violates one of the basic
preconditions which says such projects must be outside a 25-kilometer radius from the outer
periphery of an ecologically sensitive area.

Probable economic benefits

 Loans are expected to fund up to 70% of the building cost while remaining 30% will be
provided by Bangladesh & India 15% each
 Rampal power station will produce electricity that will cost 32% more than the average
electricity costs in Bangladesh
 Bangladesh government has committed to pay US$26m annually for maintenance
dredging from Mongla Port to the outer bar.97 This subsidy amounts to a total of
US$1.9bn over the life of the project.
 Rampal power plant will help reduce the electricity deficit of the country and directly
helping industrialization by supplying electricity.
 It will create employment opportunity

Financing
The costs for the coal power plant in Rampal are USD 2 billion. According to IJGlobal, the
project has a debt-equity ratio of 80:20.The two companies BPDB and NTCP have equal share of
ownership of the BIFPCL commercial joint venture, and equally provide 20% equity for this
project (together USD 400 million).
The remaining debt of 80% is provided by Indian Export-Import Bank: the Indian Export Credit
Agency finances the project with USD 1.6 billion.
The Bangladeshi government issued a sovereign guarantee amounting to 70% of the project cost.
In order to assure returned investment to overseas lending groups. Additionally, the joint venture
company will enjoy a 15-year tax holiday.

Estimated and so far actual costs

Estimated Construction cost is about 160 billion taka. The contracted price for the 2,400 MWe
Rooppur Nuclear Power Plant, consisting of two Russian VVER-1200 reactors, is USD 12.65
billion. If we add USD 550 million, which we already spent for the project, the total price comes
to USD 13.2 billion. This is a big sum of money, enough to build four Padma bridges! Is it
reasonable? For comparison of power plants of different sizes, it is convenient to quote the price
on per unit (kWe) basis. USD 13.2b for 2,400 MWe comes to USD 5,500/kWe on this basis.
(Matin, 2021)

Terms and conditions of donor

It has become a big question whether a country like Bangladesh could afford a $13.21 billion
project under 90 per cent Russia’s supplier’s credit with 1.75 per cent interest plus LIBOR -
London Interbank Offered Rate. As of an estimate prepared by the economic relations division
under the finance ministry, Bangladesh would have to pay up to $8 billion in interest against the
Russian credit of $11.385 billion for main construction of the power plant. The government has
also started repayment of the $500 million Russian credit invested in the preparatory works to
facilitate the main construction of the power plant. It signed the $500 million credit agreement on
13 January 2013 and the $11.385 billion credit agreement on 26 July 2016. (Rooppur Nuclear
Power Plant: Financing, pricing and evaluation, 2021)
The Bangladesh government will repay the $11.385 billion Russian credit with interest in 40
equal installments beginning from March economy, as it gets 30 years with a 10-year grace
period for the repayment. The country’s own investment in the power project alone would be
$1.32 billion over the project’s implementation period in two phases - preparatory phase until
2017 and the construction phase until 2025 as the construction phase included provisional
operation period of the two-unit power plant until final takeover scheduled for 2025.

PADMA RAIL LINK

Project overview
The Padma Bridge Rail Link (also known as the Dhaka-Jessore Railway) connects Dhaka and
Jessore via the Padma Bridge in Bangladesh (BR announces start of Padma Rail Link project
work, 2021). In February 2015, the government completed feasibility studies and designing work
for the project. In July 2016 the Bangladeshi government granted approval to the China Railway
Group to build the rail line, and in August 2016 the China Railway Construction Corporation
signed an official construction contract. In February 2018, the Export-Import Bank of China also
committed funds for the project. The project is being developed in 2 phases. The first is an 82
kilometer section from Dhaka to Bhanga, and the second is a Bhanga to Jessore Section... The
project will be implemented within June, 2024. After completing the project, it will improve
accessibility to the capital city Dhaka with central and south western regions of the country
through Padma Bridge covering new areas of Munshiganj, Shariatpur, Madaripur and Narail
districts.
Probable economic benefits
The project is a key part of the backbone of the railway network of Bangladesh. Once completed,
the Padma Bridge Rail Link Project (PBRLP) will better the connectivity of the country to an
unprecedented level.The new rail link will shorten the current travel distance between the capital,
Jessore, and Khulna, by 308km.It will also reduce the distance from Dhaka to Darsana and
Benapole by 168km and 318km respectively, saving passengers hours in travel time. This project
is expected to boost the economic development of Bangladesh, especially that of the
southwestern parts of the country, increasing the GDP by 1.5%.(Padma Bridge Rail Link Project:
First batch of steel girders arrives at Chittagong - Maritime Gateway, 2021)
The main line of the rail link is designed to be a single track broad gauge (1,676mm) on which
passenger trains will run at a top speed of 120kmh while freight trains will operate at 80kmh.
Financing
It signed a $3.13-billion commercial contract with the Chinese firm in August 2016 under the
government-to-government (G-to-G) arrangement. However, the overdue loan deal with China
delayed the project work for nearly 20 months. The delay in signing the deal was due to the
fixation of size of the loan amount and interest rate. Under the deal, China will now provide
80 per cent of the project cost under its preferential buyer's credit line. The rest of the project
funds is to be borne by Bangladesh government.

Estimated and so far actual cost

The government approved the rail link project in March 2016 with the cost initially estimated to
be Tk 34,989 crore to connect the capital with Jashore through a 169-km rail line over the under-
construction Padma Bridge (Page and Adhikary, 2021). But the physical work of the project
commenced only in July 2018, mainly due to the delay in singing of the loan contract with
Chinese Exim Bank. In the meantime, project costs climbed to Tk 39,246 crore and the deadline
was extended up to 2024, two years more than the original tenure. The construction of the rail
route suffered a setback due to problems in the design of viaducts on both sides of the bridge and
a huge amount of allocated money for the project was refunded in the last two fiscal years as the
project authority could not utilise it. Like all other projects, this one also ran into problems from
early last year due to the Covid-19 pandemic.

Terms and conditions of donors

BR officials said terms and conditions of the preferential buyer's credit line are also similar
to non-concessional loan or soft loan. Exim Bank of China is providing loan to this project which
is being implemented on government to government system basis. An agreement was reached
with CREC in August 2016 to build the railway on a conditional loan or buyer’s credit. Buyer’s
credit is a short-term credit available for an importer (buyer) from overseas lenders such as banks
and other financial institutions for goods they are importing. The overseas banks usually lend the
importer basing on the letter of comfort (a bank guarantee) issued by the importer's bank
(Chinese funds for Padma Bridge Rail Link remains untouched last year, 2021).

MATARBARI POWER PLANT

Project overview

Matarbari coal-fired power plant is being developed in Maheshkhali in the Cox’s Bazar district
of Bangladesh (financial Express, 2021). Coal Power Generation Company Bangladesh
(CPGCBL), a state-owned enterprise of the People’s Republic of Bangladesh, is developing the
1.2GW project with an estimated investment of $4.5bn. The Matarbari power plant was proposed
in September 2011 and granted environmental approval in October 2013. Ground-breaking
ceremony for the project took place in January 2018, while operations are expected to begin by
2024. The plant is expected to account for 10% of the total generation capacity of Bangladesh.

Probable economic benefits

This project will contribute to supply reliable and uninterrupted power across the country.
Moreover it has following benefits:

 Changing lives in long deprived regions;

 Opening horizons for businesses fast;
 Creating huge employment opportunities and
 Causing steep rise in inflow of international investment.

Financing
  Japan International Cooperation Agency (JICA) provided an Official Development
Assistance (ODA) loan of ¥10.74bn ($90m) for the project, in June 2014. The ODA loan
has a repayment period of 30 years and grace period of ten years

 JICA awarded another ODA loan worth ¥2.65bn ($20m) to the Government of
Bangladesh in June 2018 for the development of the Matarbari port.

Estimated and so far actual cost

The Matarbari 1,200MW Coal Fired Power Plant will cost an additional Tk10,893 crore and will
take at least a year longer to complete, while the government remains in the dark about it
(Matarbari Power doesn’t bother to disclose Tk10,000cr cost hike, 2021). A team of the
Implementation Monitoring and Evaluation Division (IMED) discovered the hike in cost during
a recent visit to the site. The state-owned Coal Power Generation Company Bangladesh Ltd
(CPGCBL), implementing agency of the mega-project, signed an engineering, procurement and
construction (EPC) contract with a Japanese consortium – comprising Sumitomo Corporation,
Toshiba Corporation, and IHI Corporation – for Tk46,877 crore in 2017. However, in July 2014,
the Executive Committee of the National Economic Council (Ecnec) had approved a cost of
Tk35,984.46 crore for the project. Although the value of the contract exceeded the approved
amount by 30 percent, the CPGCBL neither disclosed it nor revised the project cost in the last
three years. The project authorities also failed to explain to the IMED why the EPC agreement
value is higher than that approved by Ecnec.    

PADMA MULTIPURPOSE BRIDGE

Project overview
Total length: 6,150 meters
Contractor: China Railway Major Bridge Engineering Group Co., Ltd
Padma Multipurpose Bridge Project, the “Dream Bridge” of Bangladesh people, locates at about
40km southwest of Dhaka, the capital city. It is a double-layer steel truss bridge, with a two-way
four-lane roadway on top and a single-track railway at bottom. The history of crossing the River
through ferry boat of local residents from the 21 south districts & the capital city will come to an
end when this bridge is opened to traffic. It is also an important channel which connects China
and the “Trans-Asian Railway”.
The Padma Bridge is a multipurpose road-rail bridge across the Padma River under construction
in Bangladesh. It will connect Louhajong, Munshiganj to Shariatpur and Madaripur, linking the
south-west of the country, to northern and eastern regions. Padma Bridge is the most challenging
construction project in the history of Bangladesh. The two-level steel truss bridge will carry a
four-lane highway on the upper level and a single track railway on a lower level. With 150 m
span, 6,150 m total length and 18.10 m width it is going to be the largest bridge in the Pawdda-
Brahmaputra-Meghna river basins of country in terms of both span and the total length

Probable economic benefits

Construction of Padma Bridge is expected to generate welfare for the people of Bangladesh in
general and the people of Southwest in particular. The benefits are expected to arise from the
greater integration of regional markets within the Bangladeshi national economy. Benefits are
pointed out below:
1. In the Traffic model, road users benefits are estimated based on the saving on vehicle
operation costs (VOC) and savings in travel time cost (TTC). Total road user benefit is
estimated to be about 1,295,840 million BDT (18,512 million USD) over the 31 year
period.
2. As for economy-wide (secondary) benefits, use of national SAM with injection of 2.1
billion USD into the economy (i.e. Simulation 1A) produced economy wide (secondary
benefits) value addition of 453,670 million BDT (6481 million USD) over a period of 31
years, which represents 10.6 per cent growth. This would give an annualised growth rate
of 0.33 per cent of national base GDP. This is obtained by dividing the total economy-
wide benefits by 31 to get an average annual incremental flow of value and dividing that
figure by base GDP figure, we get this (0.33 per cent) annual figure. If the WEB figure is
added to with direct (traffic) benefits, the annual size of the benefits of the bridge, in
relation to GDP, would be larger, as noted later.
3. Compared to national GDP the average annual increase in SW regional base GDP
because of WEB alone will be 2.3 per cent. This is on the assumption that 100 per cent of
the shock will occur within the regional economy. However, if we assume that only 70
per cent of the shock would be operative in the region (and not full 100 per cent), the
equivalent of the annual rate of growth of regional GDP would be roughly 1.66 per cent.
The annual equivalent rate of growth was calculated keeping in view the 31 years as the
 time taken to fully realise the impact of the bridge. If we took a shorter time horizon for
fully realising the benefit of growth, then the annual equivalent rates could be larger.
Given that SAM based model assumes excess capacity (which may be a reasonable
assumption in a country like Bangladesh with under-utilised resources), the size of
impacts varies with the size of injection or shock.
4. To sum up, using the Traffic model, road users benefit is found to be 1,295,840 million
BDT (18512 million USD). We consider value added increase of 453,670 million BDT
($6481 million) derived from the national SAM model (i.e. simulation 1A) as economy-
wide benefits of the project. Thus, total project benefit is estimated to be 1,749,510
million taka or 24993 million USD. The breakdown is: Total (1,749,510 million taka or
24993 million USD) = Road User Benefit (1,295,840 million taka or $18512 million) +
WEB (453,670 million taka or $6481 million). This implies that total project benefit is 39
per cent relative to the base national income (i.e. 4,468,549 million taka or 63836 million
USD). Assuming the 31 year full realisation timeframe, total project benefits per year is
then 1.26 per cent relative to the base national income. The base year GDP figure would
not remain the same over 31 years. Assuming 5 per cent GDP growth over (as
experienced in recent years) the 31 year period, an alternative estimate of base year is
done. The total project benefit (i.e. 1,749,510 million taka or 24993 million USD) is only
0.56 per cent relative to the alternative base national income. Under certain assumptions,
the relative size of annual increase of output for the SW region would be 1.66 per cent
considering the WEB alone. If the total benefits were taken into account, the relative size
of annual flow of benefits in comparison to regional GDP would, of course, be larger and,
would depend on how much of the traffic benefits would accrue to the SW region.
5. Further assessment of the total project benefits (explained above) in terms of
conventional project appraisal measures suggests that the project is economically viable.
More specifically, the project is viable with: a net present value of 1234 million USD; a
benefit-cost ratio (BCR) of 2.01 million USD, An economic internal rate of return
(EIRR) of 19 per cent.
6. The application of constrained optimisation model such as CGE model outcomes also
vindicates the findings of the traffic model and SAM based model. More specifically, 50
per cent reduction in transport margins may lead to a welfare increase by 0.78 per cent
compared to the base value.
7. Under certain assumptions (Simulation 1A), the construction of the Padma Bridge would
lead to an annualised reduction in head-count poverty at the national level by 0.84 per
cent and at the regional level by 1.01 per cent. Other simulations also indicated a
reduction in poverty in different magnitudes

Financing
Financing plan and loan signing have been finalized with the development partners (WB, ADB,
JICA, IDB).
Government of the Bangladesh decided not to take loan from funding Agencies on 09 July 2012
& took decision to complete the project from GoB Fund/Budget. The main cost of the latest
Padma Bridge project was Tk 30,193 crore. The bridge is being built with domestic funding as a
result of the Prime Minister’s far-sighted and strong move after the World Bank withdrawing
from its funding. The dream span was fulfilled by installing the last span on pillars 12 and 13, as
a result, the dream to connecting the ends of Mawa and Jajira fulfilled with a total of 42 pillars
and 41 spans.
Estimated and so far actual cost
When the Padma Bridge was designed in 2007 in association with the Asian Development Bank
(ADB), the exchange rate of US dollar was Tk68.65.The value of one dollar has risen by around
24% to Tk84.80 over the years.
devaluation of Taka has played a major role in raising the cost of the Padma Bridge project, as
more than half of the project's expenditure has been paid in foreign currency.The extension of the
length of the main bridge by 570 metres has caused a Tk8,469.94 crore increase in the overall
project cost. The expenditure on river training for the project has almost tripled even though the
area of river training has remained the same.
Besides, the project cost has been increased by adding various works that were not there in the
original project. These newly added expenditures include Tk200 crore for construction of a yard,
Tk10 crore for archive and film, Tk62 crore for capacity building of bridge authorities, and Tk30
crore for the expansion of bridges building. The cost of the Padma Bridge project was estimated
at Tk10,161.75 crore at the August 2007 meeting of the Executive Committee of the National
Economic Council (Ecnec). As the project could not be completed timely, the cost of the project
has now risen to Tk30,193.39 crore. The cost of the project has risen to almost three times the
original estimate through four amendments at various stages over a period of more than 10 years.
According to sources, the project was originally scheduled to be complete by 2014. Through the
amendments, its term has been extended till June next year. As such, the project completion
deadline has been extended by about seven years.
Even though the work of installing the spans of the main bridge has been completed, more than
1,500 road slabs and over 1,000 rail slabs are yet to be installed. Moreover, works on installing
bridge railings, pitch casting on the slabs, lighting, lampposts and connection of gas and
electricity lines remain unfinished.Because all these works are not likely to be complete within
the stipulated time frame, an initiative is being taken to extend the project tenure by another two
years.
As a result, the cost is expected to see another hike.

As the project could not be

completed timely, the cost of
the project has now risen to
Tk30,193.39 crore. The cost of
the project has risen to almost
three times the original estimate
through four amendments at
various stages over a period of
more than 10 years. According
to sources, the project was
originally scheduled to be
complete by 2014. Through the
amendments, its term has been
extended till June next year. As
such, the project completion
deadline has been extended by
about seven years. Even though
the work of installing the spans of the main bridge has been completed, more than 1,500 road
slabs and over 1,000 rail slabs are yet to be installed. Moreover, works on installing bridge
railings, pitch casting on the slabs, lighting, lampposts and connection of gas and electricity lines
remain unfinished. Because all these works are not likely to be complete within the stipulated
time frame, an initiative is being taken to extend the project tenure by another two years. As a
result, the cost is expected to see another hike (How Padma Bridge cost surged to Tk30,000cr,
2021).

DHAKA METRO RAIL

Project overview

The Dhaka Metro Mass Rapid Transit

(MRT) is a new metro rail system being
developed by the Dhaka Mass Transit Company (DMTC) in Dhaka, Bangladesh. The deal for
construction of the 20.1 kilometres (12.5 mi) Line 6, costing $2.8 billion, was signed by the
Government of Bangladesh with the Japan International Cooperation Agency on 20 February
2013. This first route, originally projected to start from Uttara, a northern suburb of Dhaka, to
Sayedabad, in the south of the capital, was eventually extended north to Uttara and truncated
south to Motijheel.
Each train will hold up to 1800 passengers. With 56 trains to be in service by 2021, Dhaka Metro
is projected to serve more than 60,000 passengers per hour by 2021, with wait times of
approximately 4 minutes. The entire route will be able to be travelled in less than 40 minutes at a
speed of 100 km/h (62 mph), expected to drastically reduce the number of private cars on
Dhaka's streets as well as their potentially 7-hour-long standstills.

Dhaka Mass Rapid Transit is designed to be noise-free, with noise barriers and vibration-free
lines, and the cars would be made of stainless steel and aluminium alloy. The system plans to use
magnetic contactless Integrated Circuit Ticketing commonly also known as smart cards.[4]
Platform screening door (PSD) barriers used in the platform level will increase safety and
increase efficiency.
The project is being managed by the Communications Ministry's Dhaka Transport Co-ordination
Authority, and a consortium of foreign as well as Bangladeshi firms known as NKDM
Association is acting as General Consultant (GC). NKDM Association consists of: Nippon Koei
Japan, Nippon Koei India, Delhi Metro Rail Corp (India), Mott MacDonald UK, Mott
MacDonald India and Development Design Consultants (local consultant - Bangladesh).
Probable economic benefits
The project will save $2.4 billion (200 billion takas) a year, equivalent to 1.5% of GDP and 17%
of the total tax revenue of Bangladesh, the Daily Star reported on April 30, 2018, citing a
government estimation. Traffic jam causes colossal economic loss for Bangladesh, and Dhaka
ranks at the top in incurring the loss, according to reports. The traffic congestion in Dhaka is
causing a loss of $4.4 billion annually, which is equal to 11% of the national budget, according
to a study by Accident Research Institute (ARC) at the Bangladesh University of Engineering
and Technology (BUET) in 2018. "Bangladesh could have saved $2.6 billion if it had reduced
60% of traffic congestion in Dhaka," ARC Director Moazzem Hossain said in a report unveiling
in the program. A World Bank report in 2017 on Dhaka’s traffic jam estimated that city dwellers
are facing a waste of 3.8 million work hours daily due to the traffic jam. Siddique said that the
metro project will change the look of Dhaka city and play a revolutionary role in city's traffic
system (Metro rail to speed up life in Bangladeshi capital, 2021).
Financing
The $2.7b metro rail project got a shot in the arm upon receiving Japanese funding in February
2014
Estimated and so far actual cost
The estimated project cost of the metro rail is Tk21,985.07 crore. The Japan International
Cooperation Agency (JICA) will give Tk16,594.59 crore as project aid (Six times more
expensive metro rail!, 2021). Cost of the ongoing Dhaka Metro Rail project will go up by Tk
1,505 crore mainly due to the increased cost of land acquisition for expansion of stations under
the mega project. Road transport and highways division has recently taken a decision to hike the
project cost. Now, the project cost is going up to Tk 23,490 crore. The implementing agency has
already informed the planning commission of the cost, official sources said. According to the
existing rules, the ministry concerned for executing the project can increase cost by 5 percent.
The commission has made no objection to the cost hike as the increase has been within the
permissible limit, the commission officials said. Physical infrastructure division of the
commission sent letters to the finance ministry and other agencies, informing them about the cost
hike. It also suggested roads and highways division should revise and project quickly with
inclusion of an increased project cost, commission sources added. Tk 600 crore was set aside for
necessary land acquisition under the Dhaka Mass Rapid Transit Development Project (MRT-6)
being implemented from Uttara to Motijheel in the capital. In addition to this, Tk 1,505 crore has
been increased mainly because of accommodating higher cost of acquiring more land for
expanding the proposed stations and other purposes. Besides, Tk 5 crore more has been sought
for training purposes as the project will require skilled manpower for operation. Tk 1 crore was
allocated for this.
Terms and conditions of donors
The JICA loan allocates ¥10.477bn for the metro, with a 40-year repayment period, 10-year
grace period and 0.01% annual interest rate. Japan is also funding power generation and
transmission projects (JICA signs Dhaka metro project loan, 2021). Dhaka Mass Transit Co Ltd
will be responsible for building the metro. International tenders are expected to be called in
September 2015 for five contracts covering main line & stations, a rolling stock maintenance
depot, electrical & mechanical systems, depot equipment and rolling stock. Opening is planned
for September 2021. Ridership is predicted to be 510 000 passengers/day, with passengers
transferring from cars and buses and thus helping to reduce chronic road congestion.

Karnaphuli Underwater Tunnel

Project overview
Construction of the Karnaphuli Tunnel, the first underwater road network in South-Asia, has
gained momentum after most of the foreign engineers and officials returned to their duty in
Chittagong.
The main tunnel’s length is 3.5km, of which 2.5km is under the Karnaphuli River. Boring work
for 2.5km of one of the tubes, is already completed and the installation of the tube is underway.
Around 60% of construction work for Bangabandhu Sheikh Mujibur Rahman Tunnel has already
been completed amid the pandemic.
Probable economic benefits
The proposed multi-lane tunnel will connect Chittagong city with the other side of the
Karnaphuli River. It will also make connection between the proposed Asian Highway and the
Dhaka-Chittagong-Cox’s Bazar Highway aiming to make regional connectivity easier.

The much-awaited 3.5km tunnel will also reduce the distance between Chittagong and Cox’s
Bazar by roadway, apart from easing the heavy port-city-bound traffic from Dhaka. The tunnel
will greatly improve the development of the regional economy in Bangladesh as well as play an
important role in interconnectivity between Bangladesh and its neighboring countries.
Financing
China Communication Construction Company (CCCC) and China Road and Bridge Engineering
Company (CRBC) are building the tunnel at a cost of Tk9,880 crore, to turn Chittagong into
“One City Two Towns” following the model of Shanghai city in China.
The Chinese government has committed to provide 80 per cent of US$ 705 million project cost
which is supposed to be used for the tunnel construction. The rest will be collected from
government own sources. The government fund has been utilised for the purpose of land
acquisition and building necessary facilities (the financial Express, 2021).
Estimated and so far actual cost
Amid concern over cost rises, Bangladesh has issued a request for expression of interest to
engage a consultant for the proposed the Karnaphuli River Tunnel.
The estimated cost to build the Karnaphuli Tunnel has risen by US$205 million, according to the
government’s Bridge Authority.A report in the Financial Express newspaper said the original
2km tunnel proposal was prepared two years ago based on a feasibility study. According to
Bridge Authority officials, the cost to build the 3.4km tunnel has risen 8% a year and it is
expected to grow further on the preparation of the project design.
Cost estimates did not include almost $130 million in customs duty and VAT – value added tax -
along with the cost to purchase 18 hectares of land for a workers’ camp and a construction site
including a jetty. Inflationary pressure was also cited as one of the contributors to the growing
cost.
Terms and conditions of donors
Chaina Exim Bank Ltd has given the loan at 2% interest rate for 5 years (Ahamed, 2021).
 Chattogram-Cox’s Bazar Railway Link

Project overview
Chittagong-Cox’s Bazar railway line is a proposed 120km dual-gauge passenger line from
village in south-east Bangladesh to Cox’s Bazar, one of the most popular tourist destinations in
the country. The green field project is one of seven investment sub-projects being undertaken by
the Bangladesh Railway (BR) to improve the country’s rail connectivity with other Asian
countries. It is part of Trans-Asian Railway (TAR) network and will improve access to Myanmar
and beyond. The project is endorsed by the South Asia Sub regional Economic Cooperation
(SASEC).
The project will take five years to complete, and generate employment for approximately 3,500
workers in local communities. It will also enhance trade and tourism in the southern-most parts
of the country. Civil works for the project began in March 2018 and it is expected to be
completed by 2022.
Probable economic benefits
The new line will connect Cox’s Bazar district to sub-regional markets in order to enhance trade.
By providing intermodal facilities for passengers and freight, the project will also improve
connections to Myanmar.
With dual-gauge tracks, the project will offer connections to western Bangladesh and India,
where most of the railways are broad-gauge, and towards north-eastern India and Southeast Asia,
which primarily offer meter-gauge tracks.
The project helps Bangladesh to meet its targets under its 7th Five-Year plan and its railway
master plan, which aim to raise the country’s freight market share to 15% and its passenger
market share to 10%.
Financing
The estimated investment for the project is $2.013bn, which includes $512m provided by the
Bangladesh Government.
ADB offered a loan of $1.5bn in September 2016 for the project. The first tranche of the loan of
approximately $300m was released by ADB in June 2017, while the second tranche of $400m
was released in May 2019. The Government of Bangladesh will add $50m to ADB’s second
tranche.
The Export-Import Bank of Korea is providing a loan of $99.04m.
Estimated and so far actual cost
The estimated investment for the project is $2.013bn, which includes $512m provided by the
Bangladesh Government.
Terms and conditions of donors
ADB will provide loans and may administer cofinancing to finance the project under the
investement plan, as and when the latter are ready for financing, provided, Bangladesh is in
compliance with the understandings hereunder and the project is in line with those same
understanding. Each loan and administered confinancing will constitute a tranche. Each tranche
may be financed under terms different from the financing terms of previous or subsequent
tranches. The choice of financing terms will depend on the project, capital market conditions and
ADB’s financing policies, all prevailing on the date of signing the legal agreement for such
tranche. Bangladesh will cause the proceeds of each tranche to be applied to the financing of
expenditures of the investment plan, in accordance with conditions set forth in this FFA and the
legal agreements for each tranche.

DHAKA ELEVATED EXPRESSWAY

Project overview
Dhaka Elevated Expressway is Bangladesh's first elevated expressway project, which will
connect the Shahjalal airport with Kutubkhali via Mohakhali, Tejgaon and Kamalapur of Dhaka,
Bangladesh.It is one of the largest infrastructure projects taken up by the incumbent government
to ease traffic congestion in the capital . It will be 46.73 km (153,300 ft) long including the
connecting roads and will cost around ৳122 billion (US$1.4 billion)
Probable economic benefits
The overall economic project viability of EIRR 11.4% is slightly below the threshold of 12% for
the medium traffic scenario. The DAEEP is for reasons of improved traffic management and
corridor improvements for road user and trade etc. a considerable influencing factor for the
future industrial development opportunities in and around Dhaka that is even further expected to
generate additional benefits to the project thereby justifying its implementation (Work of Dhaka
Elevated Expressway at a crawl, 2021). Furthermore, the DAEEP and the on-going DEEP should
be seen as integrated projects with mutual benefits that even further justifies the projects. It has
been observed from other similar road and highway studies in Bangladesh that a discount rate of
12% has been applied, however such level is not specifically mentioned in the ToR of this
project. Therefore, if lower discount rates are used for the economic analysis of e.g. 10%, the
project would according to the quantifiable benefits alone automatically indicate economic
viability (Expressway, 2021).
Financing
Bangladesh Bridge Authority (BBA) had signed a deal with Italian-Thai Development Public
Company in January 2011 to build the 47km expressway, with 19.73km main line stretching
from Shahjalal International Airport to Kutubkhali, under public-private-partnership at a cost of
Tk 8,703 crore (the daily star Correspondent, Dhaka elevated expressway, 2021). The deal was
revised and signed again in December 2013, with the cost revised at Tk 8,940 crore after
bringing several changes to the design. The government is to spend Tk 4,885 crore on land
acquisition, resettlement and relocation of utility service lines, meaning the total cost of the
project is Tk 13,825 crore. Italian-Thai, in its attempt to manage funds, handed over 49 percent
of its share to two Chinese companies -- China Shandong International Economic and Technical
Corporation Group (34 percent) and Sino Hydro Corporation Ltd (15 percent) (Financing in
place for Dhaka elevated expressway, 2021).
Estimated and so far actual cost
Estimated and so far actual
cost-It is one of the largest
infrastructure projects taken
up by the incumbent
government to ease traffic
congestion in the capital. It
will be 46.73 km (153,300 ft)
long including the connecting
roads and will cost around
TK 8,940cr (US$1.4 billion)
(Dhaka Elevated
Expressway, 2021).

Source: (Dhaka Elevated Expressway: Work on to open Airport-Tejgaon part by December,

2021)

But the cost and duration of the Support to Dhaka Elevated Expressway PPP project, which was
taken to help build the road on a PPP basis, will see another hike (Dhaka elevated expressway -
Mott MacDonald, 2021). Recently, the Bridges Division sent a proposal for the second
amendment of the project to the Ministry of Planning, estimating the cost at Tk4,917.57 crore.
The cost of the project was estimated at Tk4,889 crore in the latest amendment. The cost of the
project, which was approved in 2011 to complete the road construction, including land
acquisition, infrastructure and utility transfer by 2014, had been estimated at Tk3,216.87 crore.
Compared to the original project, the total cost is set to increase by Tk1,700.70 crore or 53% to
be precise. The duration of this support project will be extended till June 2024. As such, it will
take ten and a half years' extra time.
Terms and conditions of donors
Italian Thai Development Public Company Limited (ITDPCL) will enjoy revenues from traffic
for up to 25 years from the date of agreement signing. It will share revenue with the government
if per day traffic exceeds 80,000 (every single vehicular movement is one traffic) counts (Dhaka
elevated expressway - Mott MacDonald, 2021).

DHAKA-CHATTOGRAM EXPRESS RAILWAY

Project overview
The Dhaka–Chittagong high-speed railway is a proposed high-speed rail line connecting
the Dhaka, Dhaka Division, the Bangladesh's capital and largest city with the southeast harbor
city of Chittagong, Chittagong Division. The project is estimated to cost (Tk) 96,752 crore
(US$11.4 billion). Travel time between Dhaka and Chittagong will be 73 minutes for trains
stopping at intermediate station, and 55 minutes for nonstop trains. The ticket cost for one-way
journey will be Tk 2,000 without any discount or concession, more than 3 times higher than AC
seat on current inter-city trains (Dhaka–Chittagong high-speed railway, 2021).
Probable economic benefits
The Dhaka-Chittagong rail route is the part of the Trans-Asian rail network. The network will be
connected to India’s Kolkata and Myanmar’s Gundam—which could link to China in future.
Bangladesh Railway is also implementing a project to upgrade from meter gauge line to dual
gauge for Tk1,683 croreto provide transit to India, Nepal, and Bhutan—and increase trade with
these countries. The new route will hasten journeys between Dhaka and Chittagong, but also
boost the economy because of efficient transportation of goods among the neighbouring
countries. “The high-speed train project is important as it will mobilize trade and tourism,” said
railway official Rafiqul. The railway has been facing losses for many years. It suffered a loss of
around Tk1,853 crore in the last fiscal year, according to sources.“The new route and high-speed
train will help increase the earnings of the railway,” said Rafiqul (High-speed train planned for
Dhaka-Chittagong route, 2021).
Financing
However, the mode of financing for implementing the project is not yet decided, sources in the
Ministry of Finance said. The project may be implemented through public private partnership
(PPP) or build-operate-transfer (BOT) system, China opined. If the project is implemented, the
journey time between Dhaka and Chittagong will be 56 minutes only. If the trains would stop at
four points, the time will be 73 minutes, project officials added.
China also requested Bangladesh to consider PPP financing, commercial loans, and investments
from Chinese side, apart from soft loans, while implementing the project
Estimated and so far actual cost
The total estimated cost of the project from Dhaka to Chattogram would be about $11.4 billion,
which would be Tk 96,752 crore ($1=Tk 84.87). Of the 668.24 hectares of land required for the
project, Bangladesh Railway has to acquire 464.2 hectares (Adhikary,the daily star, 2021). The
consortium of China Railway Design Corporation of China and Mazumder Enterprise of
Bangladesh conducted the feasibility study and are currently preparing the detailed design at a
cost of Tk 110.16 crore. Among four options, the 227.3km Dhaka-Narayanganj-Cumilla-Feni-
Chattogram route was recommended and Prime Minister Sheikh Hasina approved it along with
the technical standards of the railway (bullet train Report, 2021).

MOHESHKHALI LNG TERMINAL

Project overview
Moheshkhali Floating LNG (MLNG) is an integral component to ensuring the vitality of
Bangladesh’s energy future. The project utilizes state-of-the-art technology to provide the critical
infrastructure required for the country to access natural gas from global markets. With up to 500
million standard cubic feet of gas per day (MMscf/d) of regasification capacity, Moheshkhali
Floating LNG provides much-needed clean energy to promote power reliability, industrial
development, and job creation in a sustainable manner.
Probable economic benefits
The project is expected to be one of the most important in the country development framework
for the future, the increase in gas supply in the Bangladesh’s market will be approximately 20%
and surely a provide the country with access to clean energy! (Moheshkhali Floating LNG -
Case Studies - ADELSYSTEM, 2021)With up to 500 million standard cubic feet of gas per day
(MMscf/d) of regasification capacity, Moheshkhali Floating LNG provides much-needed clean
energy to promote power reliability, industrial development, and job creation in a sustainable
manner. The MLNG terminal enables Petrobangla to procure LNG from international gas
markets which will further complement and enhance Bangladesh’s ability to reliably use the
country’s domestic natural gas reserves. Expanding access to diverse and abundant sources of
natural gas supply will allow local communities to flourish and provide a net economic benefit
for the Bangladesh economic growth engine for years to come.
Financing
IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited
(Excelerate) are co-developing the Moheshkhali Floating LNG project—Bangladesh's first LNG
import terminal (IFC, Excelerate Energy secure financing for Bangladesh's first LNG terminal,
2021). The project will be located offshore Moheshkhali island in the Bay of Bengal with a
project cost of $179.5 MM. IFC and Excelerate announced securing the debt financing for the
project to help expand access to clean energy in Bangladesh. The equity for the project had been
tied up earlier with IFC coming in with a contribution of $10.8 MM and Excelerate's equity
amount of $43.1 MM. As lead arranger for the project, IFC helped arrange the debt financing
package of $125.7 MM for the LNG project including IFC's loan of $32.8 MM from its own
account and the balance from CDC Group, DEG, FMO and JICA. The funding will support the
timely construction and installation of the fixed infrastructure required for the project.
Estimated and so far actual cost
Estimated and so far actual cost- The Project cost is estimated at US$179.4 million, which the
Project Company expects to finance with 70% debt and 30% equity. IFC’s will lend up to
US$34.1 million for its own account through an A loan and will mobilize up to an additional
US$91.4 million in Parallel loans or IFC B Loans. IFC also expects to invest up to US$10.8
million in equity for its 20% equity share in the Project Company (L.P., 2021).
Terms and conditions of donors
IFC’s will lend up to US$34.1 million for its own account through an A loan and will mobilize
up to an additional US$91.4 million in Parallel loans or IFC B Loans. IFC also expects to invest
up to US$10.8 million in equity for its 20% equity share in the Project Company. (Private
Participation in Infrastructure (PPI) - World Bank Group, 2021)

PAYRA DEEP SEA PORT

Project overview
This port in Payra, Bangladesh, is partially constructed and began basic operations in August
2016. According to BMI research, the full port construction project will have 19 separate
components, 13 of which will be implemented under foreign direct investment, and six of which
will be financed through government-to-government deals. The total cost of the port is estimated
to be 11-15 billion USD. In September 2017, the Bangladesh University of Engineering and
Technology won a contract to prepare the master plan and design of the port. The China Harbour
Engineering Company and China State Engineering and Construction Company (CSCEC) were
awarded contracts worth USD $600 million to develop two of the 19 components. CHEC will
construct the main port infrastructure (terminals etc.), and CSECC will be responsible for
riparian aspects, the construction of housing, healthcare and education facilities around the port.
A coal-based power plant is also being constructed to power the port and port city.
Probable economic benefits
Payra port will not only accelerate the pace of economic development in Bangladesh but also
strengthen the country’s commercial, economic and political ties with other countries in the
region. Bangladesh could earn substantial foreign exchange by offering port facilities to India’s
North Eastern states, China, Nepal and Bhutan. Bangladesh’s foreign policy analysts are of the
opinion that Payra port has the potential of becoming a regional hub for trade, transit and
connectivity adding the country’s leverage in terms of economic diplomacy. It is expected that
the Bangladesh government pursues the Payra port project expeditiously considering the
country’s long-term interests (Bhattacharjee and Bhattacharjee, 2021). With globalization and
advantages of technologies the nature and type of ports have under major transportations. Deep
seaport has emerged on the pivotal of the national development in recent years. Singapore,
Malta, and France contribute about more than 10 % to the GDP. "About 11 % of GDP of the
Netherlands is generated by the activities of the port of Rotterdam alone" (Alderton, 1999, p.121)
[1]. “Spanish ports provide an added value ranging from 6.78 % to 7.70 % of total GNP and
generate. An amount ranging from 8.20 to 8.95 % of Spanish employment in 1993 " ( Coto
Millan , Martinez Budia , 1999, p. 163)[2]. Bangladesh has started focusing on accomplishment
of the Sustainable Development Goals (SDGs) by 2030. A port can play as a wheel of the
economy if it is operated effectively. The world’s economic globalization has acquired a
remarkable growth in trades of products over the globe. In order to adapt with the increasing
volume of global trade, ports of every nation will certainly continue to play a basic part in adding
a greater value to the national economy
Financing
The Payra Port Authority signed a €865 million ($964 million) deal with Jan De Nul for capital
dredging of a 75-km-long and 100 to 125-metre-wide main channel. According to the shipping
ministry, the Hong Kong and Shanghai Banking Corporation (HSBC) and its consortium banks
will provide loans for the dredging project ($964m financial closure for Payra Port's capital
dredging by Feb, 2021). Jan De Nul will invest in the project where the loan must be approved
by Jan De Nul's subsidiary Payra Dredging Company Limited and the Bangladesh government
(Financing A Project - ZapMeta, 2021). But due to a bargain between Payra Dredging Company
Limited and the Payra Port Authority on various conditions of the loan agreement, the financial
closure is yet to be done. Payra Dredging Company wants exemption of all applicable taxes in
Bangladesh, as the loan excludes financing of taxes and since the offer is exclusive of any tax,
according to sources. Normally, the NBR considers the customs duty, value-added tax and
advance tax on the import of the equipment on the condition of re-export, said an NBR official.
The revenue board also exempts all kinds of taxes according to the PPP agreement (Payra Port
Coal Terminal, 2021).
Estimated and so far actual cost
The project was undertaken in October 2018 and was due to be completed by September 2021 at
the cost of Tk 3,982 crore. Tk 23 crore has for far been spent with little progress. The cost of the
seaport project in Patuakhali may increase by 23 per cent from the last estimate of Tk 3,350 crore
to meet the additional expenses on land acquisition, among others (Payra deep seaport to see
more delays as infrastructure development takes time, 2021).
Terms and conditions of donors
The loan, carrying 1.52 per cent annual interest has to be repaid in half-yearly instalments in 10
years, Payra Port Authority member for Harbour and Marine activities Commodore Md Saidur
Rahman told New Age on August 10. The repayment would start within six months of
completion of dredging by Payra Dredging Company Limited, a subsidiary of Jan De Nul Group
of Belgium, he said. The dredging would take 40 months for completions (Payra port dredging:
Negotiations for Tk 8,643cr Belgian loan at final stage, 2021).

HAZRAT SHAHJALAL INTERNATIONAL AIRPORT EXPENSION

Project overview
Civil Aviation Authority of Bangladesh planned to develop Hazrat Shahjalal International
Airport Expansion Project, in Dhaka, Dhaka, Bangladesh. Japan International Cooperation
Agency was the feasibility study consultant. Aviation Dhaka Consortium (Mitsubishi
Corporation, Fujita Corporation and Samsung C&T) was construction contractor. Sinohydro
Bureau 8 Co Ltd was sub-contractor. The project covered the construction of a terminal with
300000 ton cargo, 12000000 passengers. The expansion was set to increase the airport’s annual
passenger handling capacity from the current eight million to approximately 20 million, and the
cargo capacity from 200,000 to 500,000 tonnes. The construction period was estimated to be 4
years. The objective of the project was to meet future demand of air transportation and to
improve airport capacity, convenience and safety, by constructing international passenger
terminal 3, cargo terminal and other infrastructure and facilities.
Probable economic benefits
The objective of the Project is to meet future demand of air transportation and to ensure
international standard of safety, security and facilitation by expanding airport terminal facilities
and developing related infrastructure at the Hazrat Shahjalal International Airport, thereby
contributing further economic growth in Bangladesh (Forums, Forums, Asia and Heritage,
2021).
Financing
Of the total amount, Japan International Cooperation Agency (Jica) will finance around Tk
15,000 crore while the government will provide the rest (Bangladesh airport link project, 2021).
Estimated and so far actual cost
The Executive Committee of the National Economic Council (Ecnec) in October 2017 approved
the project worth Tk 13,610 crore. The estimated cost of constructing a third terminal at Hazrat
Shahjalal International Airport has been increased by 40 percent. It is now a Tk-20,598 crore
project (the daily star, Hasan, 2021).
Terms and conditions of donors
The interest rate fo Japanese loan is cheapest among all the development partners in Bangladesh.
Currently, it charges .65 percent interest rate with a maturity of years. Bangladesh also get a 10-
year grace period for the loans it has signed (the financial express)

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