The government on Tuesday signed a supplementary loan agreement with the Korea Eximbank on a maritime project involving USD 6.26 million.
The project is called “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS) Project.
The money comes from Economic Development Cooperation Fund (EDCF), according to a press release.
The interest rate of Loan will be 0.01% and repayment period will be 40.5 years (including 15.5 year grace period).
It is to be mentioned that the main loan agreement amounting to USD 37.50 million of the project was signed earlier.
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Mirana Mahrukh, additional secretary, Economic Relations Division and Kim Kisang, director general, Korea Eximbank signed the agreement on behalf of their reapective side.
The Department of Shipping under the Ministry of Shipping will implement this project.
The objectives of this project are to construct Coastal Radio Stations at 7 sites, including Lighthouses and to establish transmission links among the Command and Control Center including Department of Shipping Headquarters and 7 Coastal Radio Stations.
Since 1993, on behalf of the Korean government, the Korea Eximbank has been providing soft loan to various priority development sector projects in Bangladesh.