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Korea will provide a $6.26 million loan to Bangladesh under a supplementary agreement in the maritime sector.
In this regard, a supplementary loan agreement on the “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS)” Project amounting to $6.26 million from the Economic Development Cooperation Fund (EDCF) was signed between the government of Bangladesh and the Korea Eximbank, reports BSS.
Mirana Mahrukh, Additional Secretary of the Economic Relations Division (ERD) and Kim Kisang, Director General of Korea Eximbank, signed the loan agreement on behalf of the government of Bangladesh and Korea Eximbank, respectively, said an ERD press release.
The Department of Shipping under the Ministry of Shipping will implement the project.
Earlier, the main loan agreement amounting to $37.50 million for the project was signed between the two sides.
The objectives of this project are to construct coastal radio stations at 7 sites, including lighthouses, and to establish transmission links among the command and control center including the Department of Shipping Headquarters, and 7 coastal radio stations.
Since 1993, on behalf of the Korean government, the Korea Eximbank has been providing soft loans to various priority development sector projects in Bangladesh.
The interest rate of the loan will be 0.01%, and the repayment period will be 40.5 years, including a grace period of 15.5 years.