Of the first two terminals of Bay Terminal project, PSA Singapore and DP World Dubai will each invest $1 billion.

Ashik Chowdhury, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) disclosed this on Thursday morning while visiting the proposed terminal site at Patenga in Chittagong.

"Hope that the Bay Terminal will become operational by 2031. Around 25,000 people will be directly employed in the project, which will have a significant impact on Bangladesh’s economy. We said it easily that around one lakh people will start living in this area"

Chittagong Port Authority Chairman Rear Admiral SM Moniruzzaman said, "There will be three terminal--two container terminals and one multipurpose terminal--in the Bay Terminal. The multipurpose terminal will be developed through an open tender process. In total, approximately $3.5 billion will be invested in the Bay Terminal project."

Ashik Chowdhury said, "The World Bank is working on the Bay Terminal project with us. Singapore gained independence at the same time as Bangladesh, but has progressed by utilising its port facilities. Now they become a global trading hub. So PSA has a very good experience."

"They (PSA) will bring that experience, they will bring best practices with us."