UNB:
The Executive Committee of the National Economic Council (Ecnec) on Sunday approved the Bay Terminal Marine Infrastructure Development Project (BTMIDP), involving an estimated cost of Tk 13,525.57 crore, aimed at facilitating the construction of the Bay Terminal in Chattogram.
The approval came from a meeting of Ecnec held at the NEC Conference Room in the city area with Ecnec Chairperson and Chief Adviser Professor Muhammad Yunus in the chair.
The day’s Ecnec meeting approved a total of 16 projects involving an overall estimated cost of Tk 24,247.24 crore.
Of the total project cost, Tk 3001.34 crore will come from the government of Bangladesh portion, Tk 16,719.73 crore as project loan while Tk 4,526.17 crore from the own fund of the organisation concerned.
Of the approved 16 projects, 13 are new while 3 are revised ones.
Planning Adviser Professor Dr Wahiduddin Mahmud briefed reporters after the meeting.
He said that although the Bay Terminal project had been under discussion for a long time, it has finally received approval, and the necessary work will now commence soon.
The adviser said considering the growing business operations of the next 15 to 20 years and the geopolitical importance, the necessary facilities at the Chattogram Port has to be increased.
The Planning Adviser informed that following separate MoUs signed with the PPP Authority, the Terminal-1 of the Bay Terminal would be constructed by the Enterprise of Singapore while the Terminal-2 will be constructed by the DP World of the UAE.
Out of the total project cost of Tk 13,525.57 crore, the World Bank’s Tk 9,333 crore loan support would help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport, which will significantly improve Bangladesh’s global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilising private investment.
The Bay Terminal Marine Infrastructure Development Project will construct a 6-km climate-resilient breakwater to protect the harbor from the force of waves, current, and extreme weather. It will also carry out dredging of the port basin, entrance, and access channels.
The new, modern Bay Terminal, to be operated by leading international terminal operators, will accommodate larger size vessels, such as Panamax vessels, and substantially decrease vessel turnaround time.
