BEZA solicits Tk 1,170cr to develop 30 zones under BSMSN project

Bangladesh Economic Zones Authority has approached the finance ministry for a loan worth Tk 1,170 crore to develop 30 zones of Bangabandhu Sheikh Mujib Shilpa Nagar Development Project in Mirsarai, Sitakunda of Chittagong and and Sonagazi of Feni.

According to the master plan of this industrial city, Zone 7 is being developed as a city center or business hub on some 870 acres of land. This zone would accommodate various offices, banks, insurance companies, departmental stores, hotels and small scale residential zones.

BEZA has written to the Finance Division of the Finance Ministry seeking a loan of Tk 1,169.78 crore for infrastructure development of the project region, an official of the finance ministry said.

This zone is expected to be a promising business hub in North East Bangladesh.

The cost of this part (Zone 7) of the project has been estimated at Tk 1169.78 crore and the scheme is expected to begin in January next year and end by June of 2026.

On August 7, a project evaluation committee meeting was held at the Prime Minister’s office to evaluate the project proposal. There, a decision was made to execute the project by taking a loan from the government at only one percent interest. 

To begin the project’s zoning part and erect buildings, BEZA has solicited the credit from the finance division.

BEZA Executive Chairman Sheikh Yusuf Haroon told Business Insider Bangladesh that a decision was made to implement this project by taking money from the government at a meeting of the project verification committee. In light of that decision, they have sent a proposal to the finance division. However, Finance Division sources said that the final decision has not been made yet over dispatching the loan. An official said they were looking into the matter.

Bangabandhu Sheikh Mujib Shilpa Nagar Development Project is a mega project in Bangladesh. It is underway at a cost of Tk 4,374. 21 crore. The World Bank is financing about Tk 4,000 crore in that project, which has been executed since January last year.

According to sources, Bangabandhu Sheikh Mujib Shilpanagar, the country’s largest economic zone in Chittagong, is being taken to facilitate local and foreign investment at the earliest. The entire project is being built on 30,000 acres of land.