The delay in your case is the propagation delay, which is the time that a signal (message) takes to propagate from sender to receiver.
It is multiplied by 2 because the link is bidirectional, i.e. The sender and receiver can simultaneously send data simultaneously, i.e. to completely fill out the link needed to multiply the propagation delay by 2, and this term is known as round off time (RTT).
bandwidth-delay product = RTT * bandwidth bandwidth-delay product = 2 * propagation delay * bandwidth
Where
RTT = 2 * propagation delay
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