World Bank cancels credit for Bangladesh bridge project

June 30th, 2012 - 3:23 pm ICT by IANS  

Dhaka, June 30 (IANS) World Bank has decided to cancel its $1.2 billion credit for Bangladesh’s Padma Multipurpose Bridge project, said WB statement received here Saturday.

“In light of the inadequate response by the government of Bangladesh, the World Bank has decided to cancel its $1.2 billion IDA credit in support of the Padma Multipurpose Bridge project, effective immediately,” Xinhua quoted the statement as saying.

The Bank had sent a high-level team to Dhaka to fully explain the Bank’s position and receive the government’s response, but the response has been unsatisfactory, said WB.

The bridge project ran into trouble after the Washington-based lender suspended its $1.2 billion loan to the Bangladeshi government in October last year over alleged graft.

Related Stories

Tags: , , , , , ,

Posted in Business |