Today, the Chinese and Bangladeshi governments signed a Framework Agreement worth RMB 1.67 billion (Taka 2,486.31 crore) for the “Procurement of 04 New Vessels” project.
The Chinese government confirmed concessional financing for the project with a 2 percent interest rate under the Framework Agreement. There will be a 5-year grace period in addition to the 20-year loan repayment duration.
On behalf of their respective countries, Chinese Ambassador Yao Wen and Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD), signed the Framework Agreement.
Soon after the deal is signed, a loan agreement will be inked.
According to a press release from ERD, the project would buy four new ships for Bangladesh Shipping Corporation (BSC): two mother tankers for crude oil and two mother bulk carriers.
These will increase BSC’s ability to transport vital bulk commodities and crude oil to meet national needs. In the long run, it will help to improve national development and energy security in the nation.
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