Deep seaport to be built with Japanese funds, not China or India
Despite initial discussions involving China and India, the construction of the Matarbari deep seaport in Maheshkhali will now be financed by Japan.
While India and China will still have the opportunity to use the port, they will not be joint partners in its development.
The decision to secure Japanese funding for the Tk 18,000 crore project, bypassing competition between the two regional rivals, is being hailed as a diplomatic victory for Bangladesh.
At a press conference at the NEC Conference Room following the ECNEC meeting, Planning and Education Adviser Wahiduddin Mahmud provided details on the project.
He explained that the competition between India and China had delayed the port’s construction for some time, but Japan's offer of financing on favourable terms allowed Bangladesh to move forward.
"We were caught in the middle of whether China or India should build the port," Mahmud said. "But Japan provides loans on easy terms, and their projects are free of corruption. Japanese contractors complete projects on time, and any savings from a project are often reinvested in another initiative."
The total cost of the Matarbari port project is estimated to be Tk 18,000 crore.
Once completed, the deep sea port will drastically reduce shipping times for Bangladeshi exports. Currently, it takes 45 days to ship goods from Bangladesh to the US. However, with the new port, shipments will reach their destination in just 23 days.
On the eve of Prime Minister Sheikh Hasina’s scheduled visit to Matarbari on November 11 last year, former State Minister for Shipping Khalid Mahmud Chowdhury expressed excitement about the project. "The deep sea port is a long-standing dream for Bangladesh, and it’s finally becoming a reality," he said.
According to the project proposal, the development will include a 300-metre multipurpose jetty, a 460-metre container ship berthing jetty, and a 14.3-kilometer approach channel.
Additionally, breakwaters will be built, along with the procurement of tugboats, pilot boats, cargo handling equipment, and a security system.
A 27.7-kilometre road will also connect the port to the national highway network.
