Bangladesh to buy four vessels from China at Tk 2,486cr

Bangladesh has signed a framework agreement with China to buy four vessels from the country, worth Tk 2,486.31 crore (RMB 1.67 billion).

Under the China-Bangladesh intergovernmental cooperation project, Bangladesh Shipping Corporation (BSC) will acquire two crude oil tankers and two bulk carriers, aimed at enhancing the corporation’s capacity to transport crude oil and essential bulk commodities to meet the country’s growing demand.

Md Shahriar Kader Siddiky, secretary to the Economic Relations Division, and Yao Wen, Chinese ambassador to Bangladesh, signed the agreement in Dhaka yesterday, according to a press release issued by the Ministry of Finance.

A loan agreement is expected to be signed shortly following the framework deal, as China has confirmed concessional financing for the project at a 2 percent interest rate.

The loan repayment period will be 20 years, including a five-year grace period. In a statement, Ambassador Wen said the procurement of new vessels project will enhance Bangladesh’s shipping capacity, facilitate further expansion of its foreign trade, and improve its maritime autonomy.

“China will continue to pursue a policy of good-neighbourliness and friendship toward all the people of Bangladesh, promote China-Bangladesh economic and trade cooperation to a new level, and bring more benefits to the Bangladeshi people,” he said.