CHATTOGRAM: The World Bank has expressed its interest to invest in the under-construction multi-billion taka Bay Terminal project, an official at the Chittagong Port Authority (CPA) said on Monday.
The official seeking anonymity as he was not authorised to speak publicly about the matter, said the global lender conveyed its intention to provide Tk 40 billion as loan in breakwater construction and channel dredging segment of the project.
The expression of intention was made during a meeting between the visiting 11-member World Bank delegation and CPA official in the port city on Monday, he said.
The CPA which is implementing the project requires Tk 40 billion more for breakwater construction on the Patenga coastline and dredging of the channel to ensure smooth entry and departure from the Bay Terminal by larger container ships once the project is completed.
Led by World Bank (WB)'s Senior Transport Specialist Hua Tan, the WB technical team arrived in the port city on a three-day visit on Sunday morning. The delegation, which is here to see progressed made so far in constructing Bay Terminal and assess technical aspects, including need of assistance by the implementing authority, sat with the CPA officials in the morning and will also hold another round of meeting with them on Tuesday ahead of their departure.
Sources said, started four years ago and being built on over 900 acres of land, the Bay Terminal project of Chittagong Port requires Tk 4,000 crore to complete its two important phases - breakwater construction and channel dredging work. The WB has shown its interest in providing the money as loan. In this regard, the 11 member technical delegation of the lender visiting Chattogram on a 3-day visit to make assessments before formally announcing its interest to make a large-scale investment.
On the first day of their tour Sunday, the team members visited the project area in Patenga.
The team visited the site of the under-construction terminal and examined the technical issues. Later, discussions were held with the port officials on the day on various technical aspects of the project. But no formal decision was announced during the first and the second round of meetings on Sunday and Monday. The discussion will continue tomorrow (Tuesday), CPA officials said.
Contacted, CPA Secretary Omar Faruk confirmed the meetings, saying the WB delegation has come here and they would stay in the port city for three days.
Talking with the FE, CPA Chairman Rear Admiral M Shahjahan said the World Bank delegation visited the Bay Terminal area and the Chittagong Port and showed interest in making investment in Bay Quarter and Approach Channel segment of the Bay Terminal project. During their stay, the WB delegates are also observing the progress made so far in constructing the Bay Terminal, he further said.
He said, "Bay Terminal is a most important project of the CPA which will increase the total capacity of Chittagong seaport. Bigger cargo vessels with more length and draft will be able to berth at the jetties of the Bay Terminal to load and unload goods. The Bay Terminal will immensely reduce transportation costs and bring dynamism to the activities of the seaport."
