The 'Establishing Digital Connectivity' project will be co-funded by the Chinese aid and partly by the government.
Speaking to bdnews24.com, State Minister for ICT Zunaid Ahmed Palak said the project would clear the way for the formation of a single payment gateway and usher in a host of other facilities that would enable easier digital trade.
The project also seeks to construct multimedia labs, hardware technology development centres, computer training centres, providing biometric devices to register students, setting up internet hotspots at public places frequented by youths and other benefits.
He expects work on the project to commence this year and complete in the next three years.
Revealing that discussion with stakeholders and experts was recently done, he said the project would be put up before the ECNEC for approval.
The project will cover 18 fundamental areas like connecting all government institutions with fibre optic cable, Bhowmick said.
A state-of-the-art multimedia lab will be established at the Department of Mass Communication and Journalism at Dhaka University, he added.
The project also envisages establishing a nationwide emergency number (999) and 12 IT parks.
Once the ECNEC clears the project, work will begin to provide low-cost internet connectivity to rural Bangladesh.