Mongla:Bangladesh has entered into a loan agreement valued at RMB 2.404 billion, or approximately Tk 3,592.90 crore (US$335.78 million), with China's Export-Import Bank to enhance and modernise Mongla Port.
According to United News of Bangladesh, the agreement was formalized on October 10 between the Government of Bangladesh and EXIM Bank of China as part of the project 'Expansion and Modernisation of Mongla Port Facilities'. The signing was conducted by Alia Meher, Joint Secretary of the Economic Relations Division (ERD), and Fengjun Tian, Assistant General Manager of EXIM Bank of China.
The project, to be executed by the Mongla Port Authority under the Ministry of Shipping, will involve the construction of two container terminals outfitted with modern machinery. Additionally, it will feature a container yard, a container delivery yard, and a cargo handling yard, aimed at boosting the port's operational capabilities.
China has agreed to extend the loan at a concessional interest rate of 2 percent, with a repayment term of 20 years, which includes a five-year grace period. This financial support is anticipated to advance the development of port infrastructure and cargo-handling facilities at Mongla, a vital seaport in Bangladesh.