Payra Port Authority on Tuesday signed a loan deal of Tk 54.30 billion with state-run Sonali Bank Limited to maintain the dredging of Ramnabad channel to increase the port’s capacity.
Payra Port Authority Chairman Humayun Kallol and Sonali Bank CEO and Managing Director Md Ataur Rahman Prodhan signed the loan agreement on behalf of their respective organisations, says a press release.The dredging of Ramnabad channel will increase the country’s 3rd seaport capacity of stationing the heavyweight vessels from different parts of the world.
Addressing the signing ceremony at the bank’s head office conference room, Payra Port Authority Chairman hoped that the country would earn huge revenue once the project is completed.
He underscored the importance of Payra Port to pace up economical and infrastructural development of the southern part of the country.
Md Ataur Rahman Prodhan lauded the PM’s initiatives to allow effective investment of surplus foreign currency reserve in the country’s development projects.
He assured the Payra Port Authority of all cooperation to disburse the loan in stipulated time frame.
Payra Port Authority member Commodore MM Mamunur Rashid, Commodore Rajib Tripura, PPA consultant Sheikh Mahmudul Hasan, Project Director Captain Muhammad Muniruzzaman, Chief Hydrographer Commander M Abul Hasan, Sonali Bank’s depurty manging directors Md Abdul Mannan, Md Idris, Murshedul Kabir were present on the occasion. Earlier on March 15, a trilateral agreement was signed among the finance division, Payra Port Authority (PPA), and Sonali Bank Ltd at the Bangladesh secretariat for the allocation of money from the foreign reserve.Under the agreement, the Payra port will get 524.56 million euro loan at 2 percent interest rate with a grace period of three years. It will repay the loan in seven years in six monthly installments.