S'pore co signs $3bn Mongla port deal
Wednesday, 02 December 2009

Mongla Port Authority has signed a memorandum of understanding with a Singaporean company looking to invest Tk 21,000 crore ($3 billion) to develop the second largest seaport of the country.

Shipping minister Shahjahan Khan, who was present at the MoU signing on Wednesday, said: "This is one of the biggest foreign direct investments in Bangladesh."

Port authority chairman M Faruque and David Wignall Associates Pte Ltd's chief executive David Wignall signed the MoU at the shipping ministry.

"Power plant, water treatment plant, industrial park, dredging system, container terminals and other infrastructure will be set up over 20 years."

"The port can play a vital role in importing and exporting goods to various countries, including India, Nepal, China and Bhutan."

The national interest has been protected in signing the deal based on Public-Private Partnership, he added.

The deal will be finalised after the company conducts a feasibility study next year and the government agrees with the finds, Khan said.

The minister added that $400 million would be spent on installations and commercialisation from December 2010 to December 2012.

In addition, a further $600 million will go for setting up industrial park from Dec, 2012 to Dec 2015 and $2,000 million for the expansion of the port by 2030.

Source: bdnews24.com

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