Bangladesh has signed a $6.26 million loan agreement with Korea Eximbank for a maritime project aimed at enhancing safety and navigation.
The project is called “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS) Project.
The money comes from the Economic Development Cooperation Fund (EDCF), according to a press release.
The interest rate of the Loan will be 0.01%, and the repayment period will be 40.5 years (including a 15.5-year grace period).
It is to be mentioned that the main loan agreement amounting to $37.5 million for the project was signed earlier.
Mirana Mahrukh, additional secretary, Economic Relations Division, and Kim Kisang, director general, Korea Eximbank, signed the agreement on behalf of their respective sides.
The Department of Shipping under the Ministry of Shipping will implement this project.
The objectives of this project are to construct Coastal Radio Stations at seven 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.
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