China provides USD 336m loan for Mongla Port modernization
The
agreement, worth 2.404 billion yuan or approximately BDT 35.93 billion, was
signed on October 10, according to a press release from the Economic Relations
Division (ERD).
Alia
Meher, joint secretary of the ERD, signed the agreement on behalf of
Bangladesh, while Fengjun Tian, assistant general manager of the Export-Import
Bank of China, represented the Chinese side.
The
project will be implemented by the Mongla Port Authority under the Ministry of
Shipping. Planned infrastructure includes two container terminals equipped with
modern machinery, a container yard, a container delivery yard and a cargo
handling yard.
Under
the agreement, China will provide financing at an annual interest rate of 2
percent. The loan has a repayment period of 20 years, including a five-year
grace period.
The
modernization initiative is expected to strengthen the port's infrastructure
and improve its capacity to handle containerized cargo. The development also
forms part of Bangladesh's efforts to upgrade maritime transport facilities and
support trade through its seaports.
Mongla,
located in southwestern Bangladesh, is one of the country's principal seaports.
The project's implementation will be led by the port authority under the
government's shipping ministry.
