Mongla:Dhaka Bangladesh has secured a loan agreement with China's Export-Import Bank totalling RMB 2.404 billion, equivalent to Tk 3,592.90 crore or US$335.78 million, for the expansion and modernisation of Mongla Port.
According to United News of Bangladesh, the agreement, part of the 'Expansion and Modernisation of Mongla Port Facilities' project, was signed on October 10 by Alia Meher, Joint Secretary of the Economic Relations Division (ERD), and Fengjun Tian, Assistant General Manager of EXIM Bank of China.
The Mongla Port Authority, under the Ministry of Shipping, will implement the project, which includes constructing two container terminals with modern machinery, a container yard, a container delivery yard, and a cargo handling yard to enhance the port's facilities.
China has agreed to offer the loan at a concessional interest rate of 2 percent, with a repayment period of 20 years, including a five-year grace period. This financial support aims to develop the port infrastructure and improve cargo-handling facilities at Mongla, a crucial seaport for Bangladesh.