Tk 111 crore Italian loan for Madunaghat water project
Bangladesh and Italy have signed an agreement for implementing the long-cherished Madunaghat Water Supply Project in Chittagong.
The agreement was signed by Italian Ambassador Pietro Ballero and Secretary to External Resources Division Ismail Zabiullah in the capital yesterday.
The implementation of the project would involve an approximate expenditure of Tk 176 crore.
For all latest news, follow The Daily Star's Google News channel. Under the agreement, Italian government will provide over 13.16 million Euro equivalent to Tk 111 crore while the Bangladesh government would provide the rest, said an embassy press release.
The amount will be provided as soft loan with an interest rate of 0.5 percent.
Chittagong Wasa sources said the project is expected to be completed within one or one and half years.
The project has the production capacity of 45 million litre water per day.