Dhaka, Dec 02 (bdnews24.com)--Mongla Port Authority on Wednesday signed a memorandum of understanding worth around Tk 21,000 crore ($ 3 billion) with a Singaporean company to develop the second largest seaport of the country.
Mongla Port Authority chairman M Faruque and David Wignall Associates Pte Ltd's chief executive David Wignall signed the MoU at the shipping ministry.
Shipping minister Shahjahan Khan, who was present at the MoU signing ceremony, said, "This is one of the biggest foreign direct investments in Bangladesh."
"Power plant, water treatment plant, industrial park, dredging system, container terminals and other infrastructure will be set up over 20 years."
"The port can play a vital role in importing and exporting goods to various countries, including India, Nepal, China and Bhutan."
"The national interest has been protected in signing the deal based on Public-Private Partnership, he added.
The deal will be finally struck after the company conducts a feasibility study next year and the government agrees with the finds, Khan said.
He added $400 million would be spent on installations and commercialisation from December 2010 to December 2012.
In addition, a further $600 million will go for setting up industrial park from Dec, 2012 to Dec 2015 and $2,000 million for the expansion of the port by 2030.