The OPEC Fund for International Development will provide Bangladesh with 15 million US dollars equivalent to Tk 67 crore for the construction of railway over the Jamuna bridge, reports UNB.

A loan agreement in this re-Sard between Bangladesh and tie OPEC (Organisation of Petroleum Exporting Countries) Fund was signed in Vienna on August 22. said an official release in Dhaka Sunday.

The loan is to cofinance the railway with the Asian Development Bank.

The agreement was signed by M Anowar Hossain. Joint Secretary. Economic Relations Division of Finance Ministry, on behalf of the government and Dr Salah A. Al-Omair, Chairman of the Governing Board of the OPEC Fund.

The terms and conditions of the OPEC loan are: 2 per cent rate of interest. 12 years repayment period and 5 years grace period.

In addition to the construction of 99 km dual gauge rail track, the OPEC Fund will also be utilised for the conversion of same 250 km existing track to connect and standardise the railway networks on either side of the bridge which are currently running on different gauges.

In the past. OPEC Fund has Brovided loans amounting to SD 224.86 million, out of which project assistance was USD 164.14 million and commodity assistance USD 60.02 million.

Four new protects involving 107 million dollars in rural electrification and rural infrastructure sectors are under active consideration of the management of OPEC Fund for financing , said the release.