ADB BANKROLLS CHITTAGONG
The Asian Development Bank has approved a US$30.6m loan, which will be used to improve efficiency at the port of Chittagong and also enhance port security and environmental measures to meet international standards. Part of the money will be spent on introducing a new IT system which will help lower shipping and port handling charges.
First phase investment will require US$100m to develop roads, a 600 metre long quay, a reservoir, a bonded warehouse and upgraded power supply, allowing the facility to open by 2007.
The project, which will be completed by July 2008, will cost US$41.3m, of which the government will provide US$10.7m.
The 25-year loan, which will cover 74% of the total project cost, has a five-year period of grace.