Norway to invest $1.364m in Bangladesh shipyards

Norway to invest $1.364m in Bangladesh shipyards

Norway will invest $1.364 million in a project aimed at transforming Bangladesh’s shipbreaking yards into environmentally friendly facilities. The project, titled “Safe and Environmentally Sound Ship Recycling Project (SENSREC) Phase-3,” will be implemented jointly by the Ministry of Industries, the Norwegian government, and the International Maritime Organisation (IMO). The initiative comes after Bangladesh ratified the Hong Kong Convention in June, which prohibits the importation of end-of-life ships by shipbreaking yards until 2025.

The project will provide technical assistance for capacity building, effective legislation and implementation of the Hong Kong Convention, and the establishment of a Treatment, Storage, and Disposal Facility for managing hazardous waste from the ship recycling industry. The goal is to develop shipbreaking yards in compliance with the convention, requiring significant foreign investment.

Currently, only four shipbreaking yards in Bangladesh are Hong Kong Convention compliant, and efforts are underway to make additional yards compliant. The project seeks to address challenges in the ship recycling industry and promote sustainable practices, aligning with global efforts to reduce pollution and carbon emissions in the shipping industry.

Source: The Business Standard

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