WB to disburse funds soon for Bay Terminal project

The World Bank (WB) will disburse funds for the construction of the breakwater and channel of the Bay Terminal Project in the Chittagong Port very soon, World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck said during a view exchange meeting with leaders of the Chattogram Chamber of Commerce and Industry (CCCI) yesterday.

In 2017, the WB approved a $350 million loan for the Breakwater and Access Channel section, one of the four sections of the project, but construction work could not start as planned due to a delay in securing financing for other sections of the project.

"Chattogram will become a logistics hub through sea connectivity if this Bay Terminal Project is implemented. Besides, the ongoing connectivity project between Chattogram and landlocked North-Eastern regions, including Bhutan and Nepal, will also be fruitful," Seck added according to a press release.

"Bangladesh is working towards the goal of transitioning into a middle-income country by 2026 and a developed country by 2041. At the same time, Bangladesh's volume of imports and exports is increasing. The World Bank is also supporting the implementation of various projects for this country's progress and the Bay Terminal Project is one of them."

Seck added that WB finances various public projects after checking the needs of the intended users, especially the private sector.

"We have engaged in discussions with the private sector as part of the Social and Environmental Feasibility Study before funding the Bay Terminal Project. As a result, the World Bank will quickly finance the construction of the breakwater and channel of the Bay Terminal Project to increase the capacity of the Chittagong Port."

Omar Hajjaz, president of CCCI, said: "Domestic and foreign investment is increasing in five industrial zones in Chattogram and three industrial zones in Cox's Bazar. As a result, the region's businessmen are looking to make full use of the port's bay terminal to make import-export trade more dynamic."

CCCI Vice-President Raisa Mahbub, directors Md Ahid Siraj Chowdhury, Anjan Shekhar Das, Md Rakibur Rahman, Mahfuzul Haque Shah, Nazmul Karim Chowdhury Sharun and Mahbubul Haque Mia, and World Bank Operations Manager Gayle Martin, Senior Transport Specialist Cheick Omar Tidiane Diallo, and Program Coordinator Dilshad Dossani, spoke at the meeting.