Bangladesh and China have signed a framework agreement for a project titled 'Procurement of Four New Ships,' valued at 1.67 billion RMB (approximately Tk 2,486.31 crore). The agreement was signed on Sunday by Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) on behalf of Bangladesh, and Chinese Ambassador Yao Wen on behalf of China. Under the framework, China will provide a concessional loan at 2 percent interest for 20 years, including a five-year grace period.

According to an ERD press release, a loan agreement between the ERD and the Export-Import Bank of China will be signed soon under this framework. The project will enable the Bangladesh Shipping Corporation (BSC) to purchase four new vessels, including two crude oil mother tankers and two mother bulk carriers.

The new ships are expected to enhance BSC’s capacity to transport crude oil and essential goods, contributing to Bangladesh’s long-term energy security and accelerating national development, according to the report.