Korea Eximbank, a lending agency of the Korean government, will provide Bangladesh with $6.26 million in loans under a supplementary agreement to help improve maritime safety and navigation system.
In this regard, a supplementary loan agreement for the Economic Development Cooperation Fund (EDCF) was signed between the government of Bangladesh and the Korea Eximbank at the Economic Relations Division (ERD) on Tuesday, says a release.
Mirana Mahrukh, additional secretary to the ERD, and Kim Kisang, director general of Korea Eximbank, signed the loan agreement on behalf of the government of Bangladesh and the lender respectively..
The Bangladesh government is implementing the project called “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS)” spending $6.26 million.
The Department of Shipping under the Ministry of Shipping will implement the project.
Earlier, the main loan agreement amounting to $37.50 million for the project was signed between the two sides.
The objectives of this project are to construct coastal radio stations at 7 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.