Bangladesh has signed a supplementary loan agreement worth USD 6.26 million with Korea Eximbank to support the ongoing "Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS) Project."
The loan, provided under Korea’s Economic Development Cooperation Fund (EDCF), carries a 0.01% interest rate with a repayment period of 40.5 years, including a 15.5-year grace period, according to a press release.
The main loan agreement for the project, amounting to USD 37.50 million, was signed earlier.
Mirana Mahrukh, Additional Secretary of the Economic Relations Division, and Kim Kisang, Director General of Korea Eximbank, signed the agreement on behalf of their respective sides.
The Department of Shipping, under the Ministry of Shipping, will implement the project, which aims to construct coastal radio stations at seven locations, including lighthouses, establish secure transmission links between the Command and Control Center, Department of Shipping headquarters, and the coastal radio sites.
Since 1993, Korea Eximbank has been supporting Bangladesh's development by financing key infrastructure and priority sector projects through concessional loans.
