The Government of Bangladesh and the Korea Eximbank on Tuesday signed a supplementary loan agreement worth $6.26 million under the Economic Development Cooperation Fund (EDCF) to enhance maritime safety and navigation systems in the country.
The agreement pertains to the ongoing “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS) Project”, which aims to modernise Bangladesh’s coastal communication and safety infrastructure.
The agreement was signed by Mirana Mahrukh Additional Secretary of the Economic Relations Division, and Kim Kisang, Director General of Korea Eximbank, representing their respective governments. The Department of Shipping under the Ministry of Shipping will be responsible for implementing the project.
This supplementary funding builds on the earlier main loan agreement of $37.50 million, raising the total financing to $43.76 million. The project will establish Coastal Radio Stations at seven locations, including lighthouses, and set up transmission links between the Command and Control Center, the Department of Shipping Headquarters, and these radio stations.
Since 1993, Korea Eximbank has supported several priority development projects in Bangladesh with concessional loans. The latest loan carries an ultra-soft interest rate of 0.01%, with a repayment period of 40.5 years, including a 15.5-year grace period.
Officials noted that the GMDSS and IMNS project is a critical step toward ensuring maritime safety, enhancing emergency response capabilities, and strengthening Bangladesh’s coastal infrastructure in line with international standards.