The World Bank’s Board of Executive Directors have approved $650 million to help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport.

The Bay Terminal will significantly improve Bangladesh’s global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilizing 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, potentially saving the economy about US$1 million daily, said a press release.

Currently, the Chattogram Port-which is the maritime gateway for over 90% of Bangladesh’s international trade volume and 98% of its container traffic-can only receive small feeder vessels during limited hours of the day.বিস্তারিত