The government has initiated to build a tunnel under the busy Airport Road aimed at preventing casualties.
It will be constructed close to the July 29 accident site outside Kurmitola General Hospital.
The move was made following the death of two students of Shaheed Ramizuddin Cantonment School and College in a road crash.
Official sources said road transport and bridges ministry will commission Bangladesh Army's engineering brigade to do the Tk 490-million job.
Prime Minister Sheikh Hasina will lay the foundation stone of the underpass aimed at averting accidents while crossing the busy road, they added.
The thoroughfare is connected with north and north-east and western districts.
The construction is due for completion in 14 months.
Officials said Roads and Highways Department (RHD) has prepared a proposal for the tunnel having 53 metres long and 3.5 metres width and 300 metres high.
It will facilitate safe movement of pedestrians as large numbers of commuters and students of different educational institutions cross the street daily.
About traffic management during construction, a senior official said the army's engineering corps will pick a foreign contractor to do the job, keeping the surface road undisturbed.
The site selection for the project has been done with the help of the army, he added.
A speeding passenger bus of Jabal-e-Noor Paribahan ploughed through some students outside the hospital.
A bus ran over and killed Diya Khanam Mim and Abdul Karim Rajib and injured several others.
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