Home   »   India's Current Affairs 2023   »   Indian Firm Bags Consultancy Contract for...

Indian Firm Bags Consultancy Contract for Bangladesh Port

An Indian firm has bagged a contract for providing consultancy for a capacity building project at Mongla port, the second largest seaport in Bangladesh, which will boost sub-regional connectivity in South Asia. The contract was signed between Mongla Port Authority and EGIS India Consulting Engineers Pvt Ltd. The total project cost under Government of India concessional Line of Credit is USD 530 million of which PMC contract awarded to EGIS  India Consulting Engineers Ltd. is for USD 9.60 million.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

More About This Development:

While India will provide the majority finance for the project under its concessional line of credit of $4.5 billion to Bangladesh, the Sheikh Hasina government will provide the rest. The project is scheduled to be completed by July 30, 2024.

The project includes constructing a container terminal, handling and delivery yards, a residential complex and community facilities, marine workshop and service jetty.

Its Significance:

Once upgraded, the Mongla port will serve the business interests of eastern India, north-eastern states and Southeast Asian countries.

High Commissioner of India to Bangladesh Pranay Verma highlighted that Bangladesh is India’s largest development partner, both in terms of value and number of projects. Nearly one-fourth of India’s development assistance abroad is extended to various projects across sectors in Bangladesh.

The upgradation of Mongla port will strengthen maritime connectivity for Bangladesh, not just for the movement of goods with India but also with Bhutan and Nepal.

Person Of The Year: Dr. Subramaniam Jaishankar, Foreign Minister Of India_70.1

Leave a comment

Your email address will not be published. Required fields are marked *