Dhaka to Get $6.26M Korea Loan for Maritime Safety Project

The Government of Bangladesh on Tuesday signed a supplementary loan agreement with the Export-Import Bank of Korea (Korea Eximbank), securing USD 6.26 million in additional funding for a key maritime project.

The project, titled “Establishment of Global Maritime Distress and Safety System (GMDSS) and Integrated Maritime Navigation System (IMNS),” aims to strengthen maritime safety and communication infrastructure.

The loan is being provided under Korea’s Economic Development Cooperation Fund (EDCF), with highly concessional terms: an interest rate of just 0.01% and a repayment period of 40.5 years, including a 15.5-year grace period.

This supplementary agreement builds on an earlier loan of USD 37.5 million for the same project, bringing the total funding to nearly USD 43.76 million.

The agreement was signed by Mirana Mahrukh, Additional Secretary of the Economic Relations Division, and Kim Kisang, Director General of Korea Eximbank, on behalf of their respective sides.

The Department of Shipping, under the Ministry of Shipping, will implement the project. Key components include the construction of Coastal Radio Stations at seven strategic locations—many featuring lighthouses—and the establishment of secure transmission links connecting them to a centralized Command and Control Center at the Department of Shipping headquarters.

Korea Eximbank has been supporting Bangladesh’s development efforts since 1993 by providing soft loans for projects in priority sectors.