The World Bank (WB) is set to finalise an initial US $1.2 billion (Tk 84 billion) financing package for the Padma Multipurpose Bridge Project at its board meeting to be held at the Bank’s headquarters in Washington DC on February 24.
The Bank has already decided in principle to provide another US $300 million if it is required at the later stage of the project, the largest ever WB funding in a single project in the country, the officials at multi-lending agency said on Friday.
The project, with an estimated cost of $2.9 billion, is expected to unlock the economic potential of the southwest region, transforming the lives of millions of people and accelerating national growth toward middle-income country status.
The WB financing, through a soft credit of the International Development Association (IDA), carries less than one percent interest and a repayment period of 40 years. This type of low-cost financing ensures maximum development benefits for the people of Bangladesh when the bridge is completed.
Besides the WB, the Asian Development Bank, the Islamic Development Bank and the Japan International Cooperation Agency are funding the project as co-financiers of the project.
Communication Minister Syed Abul Hossain told BSS on Friday that the government has already sent the WB all documents for the meeting. “As soon as the World Bank approves the fund, we will start our next phase of action,” the minister added.
He said Prime Minister Sheikh Hasina is monitoring herself the progress of the project as it has been given the highest priority for connecting a major part of the country.
Hossain said construction of the bridge will be a milestone in infrastructural development, which will help boost the country’s gross domestic product by another 1.1 percent.
WB Vice President for sustainable development network Inger Anderson on Friday visited the Padma Bridge Project site to see the progress of resettlement of the people affected by the development of the project.
Inger Anderson, who came to Dhaka on a four-day visit, talked to the government high officials and the affected people to get a field-level experience about the progress of the project and its impacts on the local livelihood and the national economy as a whole.
“This is my first visit to Bangladesh, but I understand the importance of the project,” she told BSS during her visit to the project site.
She said she was pleased that the resettlement process is going on right paces and expected that the affected people will be rehabilitated on due course.
The high WB official said the resettlement process, which is vital for taking the main project ahead, is being implementing at the international standard.
