Bangladesh has signed a loan agreement worth RMB 2.404 billion, equivalent to Tk 3,592.90 crore or US$335.78 million, with China’s Export-Import Bank to expand and modernise Mongla Port.
The agreement was signed on October 10 between the Government of Bangladesh and EXIM Bank of China under the project titled ‘Expansion and Modernisation of Mongla Port Facilities’.
Alia Meher, Joint Secretary of the Economic Relations Division (ERD), and Fengjun Tian, Assistant General Manager of EXIM Bank of China, signed the agreement on behalf of their respective sides, according to an official press release.
The project will be implemented by the Mongla Port Authority under the Ministry of Shipping.
Under the project, Mongla Port will undergo modernisation, including the construction of two container terminals equipped with modern machinery.
The project will also include a container yard, a container delivery yard and a cargo handling yard to improve the port’s facilities.
China has agreed to provide the loan at a concessional interest rate of 2 per cent. The repayment period is 20 years, including a five-year grace period.
The financing is expected to support the development of port infrastructure and cargo-handling facilities at Mongla, one of Bangladesh’s key seaports.