Economy
PM Hasina opens construction work of country’s first underground metro rail
Bangladesh Prime Minister Sheikh Hasina on Thursday (2 February) opened the construction work of the country’s first-ever 31.241-km underground metro rail project, Mass Rapid Transit Line-1 (MRT-1).
PM unveiled the inaugural plaque of MRT Line-1, joining its launching ceremony at Purbachal in Rupganj of Narayanganj, on the outskirts of Dhaka.
The MRT Line-1 having both underground and elevated facilities will be constructed at an estimated cost of Tk 52,561.43 crore by 2026.
The first underground metro line will have two parts—a 19.872-km part from Hazrat Shahjalal International Airport to Kamalapur (Airport route) and an around 11.37-km elevated line from Natun Bazar to Purbachal.
The airport-Kamalapur part includes 16.4-km underground with 12 stations, while the Natun Bazar-Purbachal part includes seven stations.
A total of six metro rail routes will be inaugurated in the capital city Dhaka by 2030.
To implement the MRT Line-1, Japan International Cooperation (JICA) will finance Tk 39,450.32 crore, while the rest Tk 13,111.11 crore will be drawn from the government’s fund.
Some 8 lakh passengers will be able to travel through the MRT Line-1 every day. Passengers will take only 25 minutes to travel from Airport to Kamalapur with breaks at 12 underground stations and 21 minutes from Natun Bazar to Purbachal with breaks at seven stations.
Besides, passengers will be able to reach Purbachal from Kamalapur with an interchange in Natun Bazar station within only 40 minutes with breaks at 16 stations.
Both the elevated and underground stations will have lifts, stairs, and escalators.
The Executive Committee of the National Economic Council (Ecnec) approved the MRT line-1 project at Tk 52,561.43 crore in 2019.
On December 28 last year the prime minister opened the operation of the country’s first ever metro rail service on the Uttara-Agargaon part of MRT Line-6 (Uttara-Agargaon-Farmgate-TSC-Motijheel-Kamalapur). The work of MRT-6 line till Motijheel will be completed by December 2023 and will be extended to Kamalapur by June 2025.
The construction work of MRT-5 (northern route) will be inaugurated in July 2023. MRT-5 (northern route) line will be from Savar’s Hemayetpur to Bhatara via Gabtoli, Mirpur and Gulshan.
Road Transport and Bridges Minister Obaidul Quader, Textiles and Jute Minister Golam Dastagir Gazi, Japanese Ambassador to Bangladesh Iwama Kiminori, Secretary of Road Transport and Highways Division ABM Amin Ullah Nuri, Managing Director of Dhaka Mass Transit Company Limited (DMTCL) MAN Siddique and Chief Representative of JICA Bangladesh Ichiguchi Tomohide were present.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
