New locomotives to assist modernize railways: S Korea

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UNB file photograph of practice

The South Korean embassy in Dhaka mentioned the induction of the brand new locomotives is predicted to make a big contribution to the modernization of the Bangladesh railway system and enhancing connectivity and transportation.

It will ultimately function the cornerstone of Bangladesh’s socio-economic growth, it mentioned.

Bangladesh is the second largest recipient of worldwide complete funds from the Financial Growth Cooperation Fund.

Thus far, the Republic of Korea has funded 24 growth initiatives in Bangladesh by EDCF with a complete quantity of $1.2 billion.

On Wednesday, the inauguration ceremony of 30 meter gauge and 16 broad gauge locomotives was held at Kamalapur railway station with the digital presence of Prime Minister Sheikh Hasina because the chief visitor.

US Ambassador to Bangladesh Peter Haas and South Korean in-charge Jungyeol Lee have been additionally current on the event.

Of the 30 m-gauge locomotives, 20 locomotives are funded by a concessional mortgage from the Korean Authorities’s Financial Growth Cooperation Fund.

EDCF funded $91 million for the acquisition of 20 meter gauge diesel electrical locomotives.

EDCF is Korea’s growth financing program to help within the socio-economic growth of growing international locations. The reimbursement interval of EDCF loans might be 40 years, together with a grace interval of 15 years, with an annual rate of interest ranging between 0.01 per cent~0.05 per cent.

The supply of 20 locomotives was accomplished in November 2021. All 30 meter-gauge locomotives, 20 EDCF-funded and 10 ADB-funded locomotives have been procured from Hyundai Rotem Firm of Korea, one of many main corporations within the railway automobile business. World.

Korea’s state-of-the-art railway know-how has additionally been transferred to Bangladesh as Korean railway automobile manufacturing corporations, equivalent to Hyundai Rotem Firm and Sung Shin RST, have participated within the buy of Bangladesh Railways.

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