Western Marine Shipyard will provide technical support to Goa-based Timblo Drydocks in building a complete set of dredging equipment for Mongla Port Authority. The $8.5 million deal was signed at the headquarters of Mongla Port Authority in Mongla.
One 18-inch cutter suction dredger, one 12-ton BP tugboat, one crane boat, one crew house boat, one officer's house boat with other accessories will have to be delivered to Mongla Port Authority in 18 months.
The project is a part of the soft loan finance scheme of $1 billion that the Indian government sanctioned to Bangladesh.
The credit has been sanctioned at 0.59 percent rate of interest for trade enhancement of both the countries and also allowed Timblo Drydocks, an Indian origin shipyard, to get involved with the project to improve trade between Bangladesh and India.
Timblo Drydocks is owned by Panduranga Timblo Group, which is engaged in mining, agriculture, shipping, shipbuilding and engineering.