BD-China sign deal to procure 4 vessels

Business Desk  :

Bangladesh and China yesterday signed a framework agreement worth RMB1.67 billion (around Tk2,486.31 crore) to procure four vessels for the Bangladesh Shipping Corporation (BSC), aiming to strengthen maritime transport capacity and energy security.
The agreement was signed by Md Shahriar Kader Siddiky, secretary of the Economic Relations Division (ERD), and Yao Wen, ambassador of China to Bangladesh, on behalf of their respective governments, according to a press release.
Officials said a detailed loan agreement will be signed shortly, following the framework arrangement. Under the project, BSC will procure two crude oil mother tankers and two mother bulk carriers to enhance its capacity to transport crude oil and essential bulk commodities.
The acquisition is expected to reduce reliance on foreign-chartered vessels and support long-term national development, officials said.
China has confirmed concessional financing for the project at an interest rate of 2 per cent , with a repayment period of 20 years, including a five-year grace period.
Officials said the new vessels are expected to improve Bangladesh’s shipping capacity and strengthen the country’s energy supply chain in the coming years.