Dhaka seeks China credit to fund port project

Bangladesh has sought US$1.2 billion in loans from China to help finance the planned deep-sea port at Sonadia, reported The Financial Express (Bangladesh).

China's recent interest in financing Asian ports has led the government to explore the Chinese involvement as a co-financier in the multi-billion dollar project, an official of the Shipping Ministry said.

The port is slated for completion in three phases and the annual container handling capacity of the Sonadia port is estimated to be three million TEUs and the bulk cargo handling to be 100 million tonnes.

The government will provide 30 per cent of the investment, with the rest coming in from domestic and external sources, the official said.

If operational, the port will become a major hub in the region, providing services to Nepal, Bhutan, southern China, Myanmar and the northeastern region of India.

The official said mother vessels can also berth at the proposed port given Sonadia's draught. The port will be connected through a bridge of 10-12 km long at Cox's Bazar and 40 km of railway tracks and roads between Chittagong and Cox's Bazar, he said.
(Source:www.cargonewsasia.com)