China to invest US$8.7 billion in Bangladesh ports

CHINA has agreed to finance a deep-sea port in Chittagong, Bangladesh, and help set up rail and road links between the two nations, in an overall assistance package valued at US$8.7 billion.

Beijing officials were said to have been particularly interested in the projects, as the Chittagong port would help provide an outlet for the landlocked province of Yunnan, located in south China, Reuters reported.

Bangladesh Prime Minister Sheikh Hasina meanwhile said that India, Nepal, and Bhutan would also be allowed to use the port, in a move that may have been designed to secure further funding for what the country's foreign minister noted was a big and costly project that would likely require financing from several counties.

The new port, which is to be completed in three phases by 2055, will be built to handle three million TEU in container traffic and up to 100 million tonnes in bulk cargo every year.

Chittagong Port at present has the capacity for just 1.1 million tonnes in container traffic and 30.5 million tonnes of bulk cargo.

(Source: www.schednet.com)