CHITTAGONG, July 12 (BSS): The construction of a deep-sea port near Sonadia island in Cox's Bazar will start next year and the port is expected to be operational by 2020.

Shipping ministry sources said the much-expected deep-sea port will be constructed at a cost of about Tk 600 billion (60,000 crore).

The project will be implemented in three phases. In the first phase, nine jetty-berths will be constructed at a cost of Tk 130 billion.

A technical and economic study report on the deep-sea port will be placed in an inter-ministerial meeting in Dhaka on July 15.

The meeting, to be held at the shipping ministry, will review the report and finalise it.

According to sources, an eight-member inter-ministerial committee led by the shipping minister will finalise the report after necessary modifications to forward it to the cabinet and the Executive Committee of National Economic Council (ECNEC) for approval.

Other members of the committee are cabinet secretary, finance secretary, planning secretary, economic relations division (ERD) secretary, Security and Exchange Commission (SEC) chairman and chairmen of Chittagong and Mongla port authorities.

The construction of the deep-sea port was an election pledge of the Awami League-led grand alliance.

The shipping ministry has taken the deep-sea port construction as a priority project to develop the entire region as a business hub.

Shipping Minister Afsarul Amin told the news agency that after selection of the site for the deep-sea port, the techno-economic study has been completed and the review on the report would be held at the ministry office on July 15.

The process is underway to place the project at the cabinet, pre-ECNEC and ECNEC soon, the minister said.

This is a project of huge economic potentials for Bangladesh, he said.

The project will be implemented with public-private joint investment and if required, shares will be floated in the capital market, he added.

Thirteen per cent of the estimated expenditure of the deep-sea port will be taken from the Chittagong seaport.

Chittagong Port Authority (CPA) Chairman Commodore RU Ahmed said the consultant firm prepared the draft report on the deep-sea port after carrying out hydrographic and other studies.

The port will also play a significant role in keeping the country's economy vibrant, he added.

CPA Deputy Manager Muhammad Khademul Bashar said the study of the deep-sea port had continued for three years and about a 2,500-page draft report was finalised in nine volumes.