Dhaka, Jun 30 (IANS): The World Bank approved $650 million to help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport, a mega project in the country's southeastern Chattogram region.

The Bay Terminal would significantly improve Bangladesh's global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilising private investment, said the lender on Friday.

The government has planned to develop two container terminals, a multipurpose terminal and an oil and gas terminal under the Bay Terminal, Xinhua news agency reported.

The World Bank earlier promised to finance the Bay Terminal Marine Infrastructure Development Project, under which a 6-km-long climate-resilient breakwater would be constructed to protect the harbor from the force of waves, current and extreme weather. It will also carry out dredging of the port basin, entrance and access channels, said the press release.

The Bay Terminal, located in the Anandangar near Sandwip channel, west of the Chattogram port, and close to existing road and rail links to Dhaka, is expected to handle 36 percent of Bangladesh's container volumes.