CHATTOGRAM, Apr 20: The Chattogram Port Authority (CPA) will go for signing an agreement with the World Bank for a loan of $650 million for the construction of a breakwater and for navigation channel dredging for the proposed Bay Terminal Terminal very soon, Muhammad Omar Faruk, Secretary of CPA told the Daily Observer.
He confirmed that the Executive Committee of the National Economic Council (ECNEC) on Sunday approved Tk 13,525.57 crore for Bay Terminal Marine Infrastructure Development Project (BTMIDP).
He said, "The World Bank has initially approved a loan of $650 million for the construction of the breakwater and navigation channel under the BTMIDP. The total loan requirement for this project is estimated at $850 million. The World Bank has assured that it will provide the additional loan as well, according to minutes from a recent inter-ministerial meeting on the project."
Earlier, on June last the World Bank has approved $650 million for the construction of a breakwater and for navigation channel dredging for the proposed terminal.
