Foreign ministers

BIMSTEC foreign ministers agree on $50b project

MNA Business Desk: Foreign ministers of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) nations have agreed on a plan to improve connectivity among the member countries.

They agreed to push forward with 167 connectivity-related projects that would cost an estimated $50 billion, reported news agency.

The consensus came following a detailed study by the Asian Development Bank. The study included: transportation and cross-border facilitation, multimodal transport and logistics, infrastructure development, aviation, maritime transport, human resources development—as well as communication linkages and networking.

The BIMSTEC Transport Infrastructure and Logistic Study (BTILS) was updated by the ADB in 2014. Out of 167 projects, the study has prioritized 66 projects.

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