The Dhaka metro authorities seek investors for its fourth metro-rail project as the Asian Development Bank (ADB) is unlikely to invest in the entire part of Mass Rapid Transit Line-05 South (MRT-05 South).
The MRT-05 costs an estimated $5.05 billion for developing 17.4-kilometre underground and elevated track from Gabtoli to Dasherkhand through Aftabnagar.
Officials said the ADB, which has already released $33 million for the study and design stage of MRT-05 South, estimated the cost in its own study recently.
They said South Korean has already shown its interest in the project's rolling stock procurement.
Sources said Economic Relations Division and Korean Exim Bank have recently held meetings with an indication of investment. The wrap-up meeting also finalised terms and conditions.
The Korean mission that arrived here last week also showed interest in MRT-02 and MRT-04, which are yet to get any investment.
The Dhaka Mass Transit Company Limited (DMTCL) considers developing these two corridors under the public-private partnership modality.
Korea has already been working in the feasibility study of Chattogram city metro rail.
The DMTCL has been working to develop six MRTs in the city. Of them, four MRTs are in progress.
Although Japan has so far invested in three MRTs, including MRT-05 North, the ADB signed a $33-million investment deal for MRT-05 South in 2019.
"Actually due to high investment, the DMTCL has been looking for more investors for MRT-05 South as South Korean investment might not be enough,' said an official preferring not to be named.
He said the ADB fund may help carry the civil work.
The MRT-05 South has made good progress after MRT-06, MRT-01 and MRT-05 North, which are being built as per the 20-year Strategic Transport Plan.
The Japan International Cooperation Agency (JICA) has invested in MRT-06, whose first phase has been under operation from Uttara to Agargaon from December 29.
Work on MRT-01, also under JICA support, is likely to start in a month or two as the first contract for its depot land development was signed.
The JICA-funded MRT-05 North is now at the detailed design stage. Costs of all MRTs have been hiked at least twofold due to underground construction.
MRT-05 South will be 12.8-km underground and 4.6-km elevated with 11 stations underground and four stations elevated.
The Gabtoli-Dasherkhand MRT route will cross Shyamoli, Karwanbazar, Aftabnagar, Hatirjheel, Niketan, Aftabnagar and Aftabnagar Centre. The depot has been proposed at Dasherkhand over 42 hectares of land, which is mostly a low-lying area.
