The government on Thursday signed an agreement with UAE-based port operator DP World to operate Chattogram Port’s New Mooring Container Terminal (NCT) for 15 years.

The agreement was signed at 3pm at the Investment Bangladesh auditorium under a public-private partnership arrangement.

Chittagong Port Authority chairman Rear Admiral SM Moniruzzaman and DP World Chairman Essa Kazim signed the agreement on behalf of their respective organisations.

Shipping Minister Shaikh Rabiul Alam, State Minister for Shipping Md Rajib Ahsan, UAE Ambassador to Bangladesh Abdulla Ali Al Hamoudi and Invest Bangladesh Chairman Ashik Chowdhury, among others, attended the signing ceremony.

Under the concession, DP World will operate and manage NCT for an initial period of 15 years, while ownership of the terminal’s land, core infrastructure and assets will remain with CPA and, ultimately, the government of Bangladesh.

The NCT is the largest container terminal at Chattogram Port.