This photo provided by Korea Expressway Corp. shows the Padma Multipurpose Bridge across the Padma River in Bangladesh.
SEOUL, April 29 (Korea Bizwire) — The Korea Expressway Corp. (KEC) has signed a deal to operate and manage a foreign road for the first time among South Korean state-run enterprises.
The expressway operator said Thursday it had signed a 100 billion won (US$78.7 million) deal with the Bangladesh Bridge Authority to operate and manage the Padma Bridge, a multipurpose road-rail bridge across the Padma River which is expected to be commissioned by June.
Under terms of the deal, the KEC will install “Hi-pass,” a prepaid system for expressways in South Korea, and an intelligent traffic management system at the bridge.
For five years after the opening of the bridge, the KEC will carry out a variety of tasks, including toll collection, road structure maintenance, safety patrols and disaster management.
The Padma Bridge has a four-lane highway on the upper level and a single-track railway on the lower level. The bridge, which is 6.2 kilometers long, had a construction cost estimated at 3.6 trillion won.
The opening of the bridge will contribute to shortening the travel time between Dhaka, the capital of Bangladesh and Kolkata, India by more than four hours, and is the first section of the Asian Highway Network linking 32 countries on the Asian continent.
The KEC also wrapped up the final negotiations for the operation and management of a highway extending from the bridge with the Bangladesh Road Authority. The two parties are expected to sign an additional 100 billion won contract by the end of next month.
M. H. Lee (mhlee@koreabizwire.com)
