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The Korea Expressway Corp. had signed a 100 billion won deal with the Bangladesh Bridge Authority to operate and manage the Padma Bridge, a multipurpose road-rail bridge expected to be commissioned by June.
The deal marks the first time among South Korean state-run enterprises to operate and manage a foreign road.
The KEC will implement "Hi-pass," a prepaid expressway system in South Korea, as well as an advanced traffic management system at the bridge, as part of the agreement.
The KEC will perform a range of activities over the next five years once the bridge opens, including toll collecting, road structure maintenance, safety patrols, and disaster management.
On the upper level of the Padma Bridge, there is a four-lane roadway and a single-track railway. The 6.2-kilometer bridge's construction cost was expected to be 3.6 trillion won.
The bridge's opening will help to reduce travel time between Dhaka, Bangladesh's capital, and Kolkata, India by more than four hours, and it is the first segment of the Asian Highway Network, which connects 32 nations across Asia.
The KEC has completed final discussions with the Bangladesh Road Authority for the operation and maintenance of a highway that extends from the bridge. By the end of next month, the two sides are anticipated to finalize another 100 billion won pact.
