PSA International and the International Finance Corporation (IFC) have signed a Joint Development Agreement on 30 August 2021, formalising a partnership that will bring in IFC’s expertise as a global development finance institution to support the development of the Bay Terminal project in Bangladesh.

The Bay Terminal project in Chattogram is a proposed new port facility planned by the Government of Bangladesh, which will serve as a gateway to better connect the country to regional and global markets, improve international trade as well as create jobs in Bangladesh. The project is expected to be developed using a Government-to-Government Public Private Partnership approach. PSA is currently carrying out its feasibility studies for the project.

This partnership will augment PSA’s capabilities in global port management and development, contributing towards the success of the Bay Terminal project. IFC’s experience in addressing environmental and social risks as well as PSA’s focus on sustainability will also help the project to be aligned with the Government of Bangladesh’s Sustainable Development Goals.