SEOUL, Nov. 12 (Yonhap) -- A South Korean consortium has won the exclusive rights to proceed with a US$963 million infrastructure project in Bangladesh, the transport ministry said Thursday.
In the consortium, Daewoo Engineering & Construction Co. and Hyundai Engineering & Construction Co. will participate in the construction of a bridge named Meghna Bridge and a 21 kilometer-long road, while Korea Expressway Corp. will offer maintenance and repair services for the facilities for 20-30 years after construction, the Ministry of Land, Infrastructure and Transport said in a statement.
The Korea Overseas Infrastructure & Urban Development Corp. (KIND) plans to conduct a feasibility study by the end of 2021 to push forward the project, it said.
"The (Seoul) government will form a task force team within this year to finalize details of the project, such as toll fees. Once the construction begins, it will take about four years before completion," a ministry official said over the phone.
KIND and Bangladesh's Public Private Partnership Authority signed a memorandum of understanding in April last year for cooperation in developing infrastructure in Bangladesh, it said.
Under the initial contract, Korea won the exclusive rights to proceed with three separate infrastructure projects worth $9.2 billion in January this year.
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