WB to provide US$ 2.2 billion to Bangladesh

[Lankan Ranger]

WB to provide US$ 2.2 billion to Bangladesh

World Bank will provide Bangladesh a record amount of 2.2 billion US dollars in the current fiscal year, visiting World Bank Managing Director Ngozi Okonjo-Iweala announced on Wednesday

“We will give 1.2 billion US dollars of the total amount as confessional credit for the construction of Padma Multipurpose Bridge Project,” she told reporters after a meeting with Finance Minister AMA Muhith at his ministry.

Ngozi said it is possible to complete the work of Padma Multipurpose Bridge, the country's largest ever infrastructure development project during the regime of the present government if the work will be done properly.

“We’ll give priority to three issues -- very often procurement, no corruption and transparency -- in implementing the project,” she further said.

Finance Minister AMA Muhith said the World Bank is giving the highest aid to Bangladesh in the single project of Padma Multipurpose Bridge.

WB to provide US$ 2.2b to Bangladesh

 

[eastwatch]

WB to provide US$ 2.2 billion to Bangladesh

World Bank will provide Bangladesh a record amount of 2.2 billion US dollars in the current fiscal year, visiting World Bank Managing Director Ngozi Okonjo-Iweala announced on Wednesday

“We will give 1.2 billion US dollars of the total amount as confessional credit for the construction of Padma Multipurpose Bridge Project,” she told reporters after a meeting with Finance Minister AMA Muhith at his ministry.

Ngozi said it is possible to complete the work of Padma Multipurpose Bridge, the country's largest ever infrastructure development project during the regime of the present government if the work will be done properly.

“We’ll give priority to three issues -- very often procurement, no corruption and transparency -- in implementing the project,” she further said.

Finance Minister AMA Muhith said the World Bank is giving the highest aid to Bangladesh in the single project of Padma Multipurpose Bridge.

WB to provide US$ 2.2b to Bangladesh

WB has kept its promise to partially finance the Padma Bridge. Its total cost has been estimated at $2.9 billion. So, WB will be giving about 41% of the total.

 

[eastwatch]

Loan agreement signing today
FE Report

The government signs US $ 1.2 billion loan agreement with the World Bank today (Thursday) for mega Padma multipurpose bridge project aiming at improving the country's connectivity with economically backward southwest region.

The world's third largest 6.15 kilometre-long Padma bridge will be constructed at Mawa and Jajira points connecting nearly 30 million people in the southwest region with the rest of the country.

The first and the highest loan agreement ceremony of the multi donor Padma bridge project will be held at a ferry "Badsha Shaheed Barkat at the Mawa point of Munshiganj district.

Economic Relations Department Secretary Mosharraf Hossain Bhuiyan and World Bank (WB) Country Director Ellen Goldstein will sign the loan deal on behalf of Bangladesh government and Washington-based multi lateral agency.

Officials said a project agreement will also be signed between Bangladesh Bridge Authority, the executing agency of the $ 2.9 billion project, and WB to finalise terms of conditions of the project on the same occasion.

Finance Minister Abul Mal Abdul Muhith, Planning Minister AK Khandaker, Communications Minister Syed Abul Hossain and visiting World Bank Managing Director N' Gozi Okonjo Iweala will witness the gala event.

The World Bank approved US$ 1.2 billion concessional credit from its International Development Association (IDA) to Bangladesh for Padma Multipurpose Bridge Project on February 24.

The IDA loan will have 40-year maturity, including a 10-year grace period and a service charge of 0.75 per cent.