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CHATTOGRAM, Oct 17: Construction of the Bay Terminal at Chittagong Port is set to begin this year, with the authority calling it the future gateway of Bangladesh's maritime trade.
Chittagong Port Authority (CPA) officials said the long-awaited mega project would be completed by 2031. An agreement has already been signed for construction of the breakwater and dredging of the access channel.
"The Bay Terminal will be the future port of the country as it will enhance the capacity of Chittagong Port," said CPA Chairman Rear Admiral SM Moniruzzaman.
Supported by World Bank financing, the project aims to transform Bangladesh's shipping and logistics sector by allowing larger vessels to dock, reducing vessel turnaround time, and lowering import-export costs.
The Executive Committee of the National Economic Council (ECNEC) approved the project on April 20 this year, including the Development Project Proposal (DPP) for the breakwater and access channel components.
Chittagong Port is currently developing container terminals 1 and 2 under public-private partnership (PPP) arrangements with PSA Singapore and DP World. A separate agreement with the World Bank was signed on April 23 for constructing the breakwater.
CPA Secretary Md Omar Faruk said the authority was advancing in step with the country's economic growth through effective management, automation, and operational efficiency.
ECNEC has approved Tk 135.25 billion to lay the foundation for Bangladesh's first deep-sea container terminal-reviving a project that had been stalled for years despite its strategic importance.
The Bay Terminal, to be established on the Patenga coastline, will cover about 900 acres and include modern port facilities designed to accommodate large ships that currently cannot berth at the existing jetties.
Once operational, the terminal will increase the port's container-handling capacity from 3.1 million to 5 million Twenty-foot Equivalent Units (TEUs) annually. It is also expected to contribute 2-3 per cent to Bangladesh's GDP growth.
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