Asian Development Bank, one of the co-financiers of the Padma Bridge project, has declined to go ahead with the ‘transaction’ following the discontinuation of the
Padma Bridge funding by the World Bank.
‘…a discontinuation of funding by the World Bank means ADB is also unable to proceed with the transaction,’ the Manila based lending agency said in a statement on Friday.
It said, ‘ADB has just been informed by the government of Bangladesh of its decision to disengage from World Bank financing of the Padma Multipurpose Bridge Project,
as they think they are stuck on the project almost indefinitely because of the investigation about the conspiracy of corruption.’
The statement said that the World Bank was the main financier of the project and ADB a co-financier, alongside Japan International Cooperation Agency and Islamic
Development Bank.
‘Given this co-financing arrangement, a discontinuation of funding by the World Bank means ADB is also unable to proceed with the transaction.’
The government signed a $ 610million with the ADB for co-financing the bridge project.
It said the Padma Multipurpose Bridge Project remained one of the most significant development projects in Bangladesh. It is designed to link up the southwestern part
of Bangladesh with Dhaka
and other parts of the country.
The statement said, ‘The project has major regional value, and the potential to benefit approximately 30 million people. The project would benefit investment, trade,
jobs and economic growth.’
It said, ‘ADB remains hopeful that such an important project will be built’.
The statement said ADB was committed to the highest integrity, governance and anti- corruption standards.
‘We, therefore, encourage the Anti-Corruption Commission in Bangladesh to continue a full and fair investigation, and the government of Bangladesh to continue its work
on
governance reforms. These measures combined will also benefit people and businesses in the long run.’
It said that ADB supported poverty reduction efforts in Bangladesh. ‘ADB is a longstanding development partner of Bangladesh and its people, and once again expresses
its continued commitment to help with its long-term development needs.’
-With New Age input
