Sonali Bank gives Tk 5,430cr loan for building Payra Port

Sonali bank Limited and Payra Port Authority on Tuesday signed a loan agreement of Tk 5,430 crore to develop the country’s 3rd port in the southern part of the country. 

The country’s largest state own bank will disburse the amount to the Payra Port Authority to maintain the dredging of Ramnabad channel to increase its capacity of stationing heavyweight vessels anchored from different parts of the world. 

Sonali Bank Limited CEO and Managing Director Md Ataur Rahman Prodhan and Payera Port Authority Chairman  Humayun Kallol signed the loan agreement on behalf of their respective organisations. 

Addressing the signing ceremony at the bank’s head office, Md Ataur Rahman Prodhan lauded the PM’s initiatives to allow effective investment of surplus foreign currency reserve in the country’s development projects. He assured the Payra Port Authority of all cooperation to disburse the loan in stipulated timeframe. 

Payra Port Authority Chairman hoped that the country would earn huge revenue once the project is completed. He underscored the importance of Payra Port to pace up economical and infrastructural development of the southern part of the country. 

Payra Port Authority member Commodore M M Mamunur Rashid, Commodore Rajib Tripura, PPA consultant Sheikh Mahmudul Hasan, Project Director Captain Muhammad Muniruzzaman, Chief Hydrographer Commander M Abul Hasan, Sonali Bank Limited Depurty Manging Director Md Abdul Mannan, Md Idris, Murshedul Kabir were presnt on the occasion,  Mentionable, a trilateral agreement was signed among the finance division, Payra Port Authority (PPA), and Sonali Bank Ltd at the Bangladesh secretariat on March 15 , 2021 for the allocation of money from the fund.

Under the agreement, the Payra port will get 524.56 million euros at 2.0 per cent interest rate with a grace period of three years. It will repay the loan in seven years in six monthly installments.