Malaysia submits proposal for Padma Bridge financing
Dhaka, May 28 (UNB) – A Malaysian delegation on Monday submitted a detailed proposal for financing the much-talked-about US$2.9 billion Padma Bridge project.
A 26-member delegation, led by the Malaysian Prime Minister’s special envoy for South Asia Dato S Samy Vellu, submitted the proposal in presence of Communications Minister Obaidul Quader at Shetu Bhaban in the morning.
After the meeting, Obaidul Quader told reporters that the delegation submitted a proposal to bear the full cost of the mega project. “We’ve not yet seen the details of the proposal as a brief discussion was held with the delegation,” he said.
He also said there will be a month-long discussion as the proposal will be considered keeping the national interest in mind.
The delegation will also visit the proposed Padma Bridge site on Tuesday, he said.
Obaidul Quader said the deal could be finalised within a few months after both the countries agree on the terms and conditions of the proposal.
About the World Bank’s deal, the Minister said, “they’re still investigating the corruption, but we’re still interested to work with them.”
In October last year, the World Bank suspended its funding for the Padma Bridge project on charges of corruption.
The other financiers of the project -- ADB, Jica and IDB -- also suspended the release of their promised funds for the country’s longest bridge.
The government signed loan agreements with the WB for $1.2 billion, ADB for $615 million, Jica $400 million and IDB for $140 million to construct the 6.15-kilometre bridge. But the project stalled in October last year following the WB's allegation of corruption in the bidding process.
Later, Kuala Lumpur proposed Dhaka to fund the project. On April 10, a MoU was singed between Bangladesh and Malaysia in Kuala Lumpur on cooperation for the construction of the Padma Bridge.
A 26-member delegation, led by the Malaysian Prime Minister’s special envoy for South Asia Dato S Samy Vellu, submitted the proposal in presence of Communications Minister Obaidul Quader at Shetu Bhaban in the morning.
After the meeting, Obaidul Quader told reporters that the delegation submitted a proposal to bear the full cost of the mega project. “We’ve not yet seen the details of the proposal as a brief discussion was held with the delegation,” he said.
He also said there will be a month-long discussion as the proposal will be considered keeping the national interest in mind.
The delegation will also visit the proposed Padma Bridge site on Tuesday, he said.
Obaidul Quader said the deal could be finalised within a few months after both the countries agree on the terms and conditions of the proposal.
About the World Bank’s deal, the Minister said, “they’re still investigating the corruption, but we’re still interested to work with them.”
In October last year, the World Bank suspended its funding for the Padma Bridge project on charges of corruption.
The other financiers of the project -- ADB, Jica and IDB -- also suspended the release of their promised funds for the country’s longest bridge.
The government signed loan agreements with the WB for $1.2 billion, ADB for $615 million, Jica $400 million and IDB for $140 million to construct the 6.15-kilometre bridge. But the project stalled in October last year following the WB's allegation of corruption in the bidding process.
Later, Kuala Lumpur proposed Dhaka to fund the project. On April 10, a MoU was singed between Bangladesh and Malaysia in Kuala Lumpur on cooperation for the construction of the Padma Bridge.
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