The agreement was signed by the Mongla Port Authority (MPA) and EGIS India Consulting Engineers Pvt. Ltd….reports Asian Lite News
With India inking a contract for Project Management Consultancy (PMC) services with Bangladesh for upgrading the Mongla port, the economy of the entire sub-region is expected to see a transformational change soon.
The project is being funded by India’s USD 4.5 billion concessional Line of Credit (LOC) granted to Bangladesh. It covers a total project cost of USD 530 million, of which a USD 9.60 million PMC contract was granted to EGIS India Consulting Engineers Ltd.
The agreement was signed by the Mongla Port Authority (MPA) and EGIS India Consulting Engineers Pvt. Ltd.
Taking to Twitter, the Indian High Commission in Bangladesh wrote on Monday, “The contract signing ceremony for Project Management Consultancy services to upgrade Mongla Port was signed between Mongla Port Authority and EGIS India Pvt. Ltd.Financed under Indian Line of Credit of US$ 4.5 billion, it is the largest financed project in ports sector extended to Bangladesh.”
“Addressing the gathering, High Commissioner Pranay Verma highlighted that Bangladesh is India’s largest development partner and that Mongla Port project would have a transformational impact on not only India-Bangladesh economic relations but also on the economy of the entire sub-region,” High Commission added.
Khalid Mahmud Chowdhury, a Member of Parliament from Bangladesh, attended the event as chief guest whereas Pranay Verma, the High Commissioner of India to Bangladesh, and Md. Mostafa Kamal, the Secretary of the Ministry of Shipping, attended the event as Special Guests.
High Commissioner Verma made clear that Bangladesh is India’s largest development partner in terms of both value and the quantity of projects. He emphasised that when finished, numerous connectivity projects, such as the Mongla Port project, would have a transformative effect on both the economic links between India and Bangladesh and the economy of the entire sub-region.
According to an official statement by the High Commission, the Government of India is funding the “Upgradation of Mongla Port” as the largest project under LoC in the shipping and port sector. It also added that the development of this port will improve Bangladesh’s maritime connectivity, not just for the movement of goods with India but also with Bhutan and Nepal.
The statement went on to say that India is also offering concessional financing for two other significant projects, the rail route between Khulna and Mongla Port and the rail line between Khulna and Darsana, which will improve connectivity throughout the entire region.
It was also said that these developments will make Mongla Port the only port in Bangladesh with full rail connectivity up to Darsana and Gede, enabling it to become a true multi-modal hub and unleashing its potential that might have a huge impact on the country’s economy. (India News Network)