Dhaka, Feb 2 (IANS): The Bangladesh government has signed a $500 million dollar financing agreement with the World Bank to help upgrade a highway and enhance connection of rural roads and markets, benefiting over 20 million people living in the country's western region, according to an official statement.

The Western Economic Corridor and Regional Enhancement (WeCARE) Program Phase I project will help upgrade the 48 km two-lane Jashore-Jhenaidah road to a modern four-lane highway, Xinhua news agency quoted the statement as saying on Monday.

The project will also help rehabilitate about 600 km of area connecting rural roads and building new or developing existing rural markets.

It will also install fibre-optic cables along the highway to ensure fast and reliable internet service.

According to the statement, the project is the first of a multi-phased $1.4 billion program of 10 years to upgrade the existing 110 km two-lane highway, Bhomra-Satkhira-Navaron and Jashore-Jhenaidah.

In the current phase, it said the project will be implemented in four districts: Jashore, Jhenaidah, Magura, and Chuadanga.

In the first two years, the project will create about 1.3 million day jobs for local people, said the statement.