Dhaka, Nov 12 (V7N) — Bangladesh Investment Development Authority (BIDA) Chairman Ashiq Chowdhury announced a $550 million public-private partnership (PPP) agreement with AP Moller Terminals to construct the Laldia Terminal at Chittagong Port.

Speaking at a press conference at the Foreign Service Academy in Dhaka on Wednesday, Ashiq Chowdhury said ownership of the terminal will remain with Bangladesh, while AP Moller will bear the entire cost.

He added that the terminal will be able to accommodate ships twice the current size, operate 24 hours a day, and eliminate congestion. AP Moller currently manages 60 terminals worldwide.

END/SMA/AJ