The government signed a US$ 1.2 billion loan deal with World Bank on Thursday for the construction of Padma Multipurpose Bridge.
WB Country Director Ellen Goldstein and Economic Relations Division Secretary Mosharraf Hossain Bhuiyan signed the agreement on behalf of their respective sides.
WB Country Director Ellen Goldstein & ERD Secretary Mosharraf Hossain Bhuiyan
signed the agreement
signed the agreement
The much-awaited agreement was signed on Bhasha Shaheed Barkat Ferry at Mawa point in the river Padma at about 12:50pm.
Bangladesh will have to return the money to the WB with a rate of 0.75 percent interest in 40 years.
Immediately after it, the WB country director and Bridge Division Secretary Md Mosharraf Hossain Bhuiyan signed another agreement on assistance on the Padma Multipurpose Bridge Project.
The 6.15km bridge over the Padma, together with 3.68km of land-based approach viaducts on both sides of the river, will connect the country's 19 south-western districts with the capital.
The bridge will have road traffic on the upper level and rail on the lower level. The main bridge structure would have a dual carriageway, and have also provisions for future installation of a broad gauge rail-line as well as other facilities including gas, and telecommunication lines.
The bridge will reduce distance to Dhaka by about 100km.
About Tk 20,500 crore will be spent for implementing the Padma Bridge project. Of it, the government will provide Tk 4,257 crore while the rest will come in the form of project aid.
WB Managing Director Ngozi Okonjo-Iweala, Finance Minister AMA Muhith, Planning Minister AK Khandaker, Communications Minister Syed Abul Hossain, Economic Affairs Adviser to the Prime Minister Dr Moshiur Rahman and Communications Secretary Mozammel Haque were also present on the occasion.
Apart from the WB, Asian Development Bank (ADB), Japan International Cooperation Agency (Jica) and Islamic Development Bank (IDB) are also providing Bangladesh loan to build the bridge.
Total $615 million loan is coming from the ADB, $400 million from Jica and $140 million from the IDB.
The Bridge Division of the Communications Ministry is implementing the project.
News Source: The Daily Star