The 500 acres of khas land that the Government had set aside for the Chattogram port’s Bay Terminal project, at a token price of Taka 3 crore, are now in the final stages of being turned over.
The Chittagong Port Authority (CPA) was directed by the Chattogram district administration to deposit the land lease charges with the Bangladesh Bank and provide copies of the corresponding receipts to its office through three different letters.
Four terminals will be built as part of the project on 2,500 acres of land. When finished, larger ships up to 12 metres in draft and 280 metres in length will be able to dock at the nation’s most important seaport.
At a token price of Taka 3 crore, the CPA is expected to acquire a total of 500.72 acres of Government-owned fallow land situated in the port city’s South Kattoli and Halishahar regions.
The district administration had previously set aside more than Taka 1,200 crore for the total amount of land needed.
CPA Secretary Md. Omar Faruk described the action as a step towards accelerating the massive expansion project and stated that the land would be turned over and building can begin as soon as the money is transferred.
The project has received administrative approval for the purchase of 870 acres of land. To build the project, the authority hopes to secure about $8 billion in foreign direct investment.
