The Chittagong Port Authority (CPA) yesterday handed over Tk 352.62 crore in compensation for the acquisition of around 67 acres of land for its Bay Terminal project.
Shipping Minister Shajahan Khan handed over the cheque to Chittagong Deputy Commissioner Md Ilias Hossain at a ceremony at the Radisson Blu Chittagong Bay View.
With this, the port authorities will get the land for the terminal project about four and a half years after the beginning of the formal procedure of the initiative.
Speaking at the event, the shipping minister said once the project is completed, the port's capacity and efficiency will get a boost.
Chittagong Chamber of Commerce and Industry's President Mahbubul Alam called for speedy implementation of the first phase of the project as the port is experiencing huge growth in container throughput.
The site for the terminal is located at North Halishahar in the city and six kilometres off the existing port jetties.
The CPA will build the terminal on 2,500 acres of land by acquiring a total of 907 acres.
CPA Chairman Zulfiqur Aziz said container yards would be constructed on the primarily acquired land for storing containers.
Local lawmaker MA Latif, Chittagong City Corporation Mayor AJM Nasir Uddin and Chittagong Development Authority's Chairman Abdus Salam also spoke.