Bangladesh to fund Padma bridge project

July 9th, 2012 - 7:10 pm ICT by IANS  

Sheikh Hasina Dhaka, July 9 (IANS) Bangladesh Monday decided to construct a $3 billion bridge over the Padma river with its own funds after the World Bank cancelled its loan to the project.

The cabinet Monday gave the green light for the 10 km-long multipurpose bridge over Padma, one of the three major rivers in the country, Xinhua reported. The decision comes more than a week after the World Bank cancelled its $1.2 billion credit for the project, citing a “corruption conspiracy” among the officials involved.

Monday’s meeting was presided by Prime Minister Sheikh Hasina.

Cabinet Secretary M. Musharraf Hossain Bhuiyan told reporters: “The government will not send any more requests to the World Bank for its funding. But (they are) most welcome if they realize their mistake and offers to finance it.”

Hasina Sunday said the construction will begin in the current fiscal year (July 2012-June 13) and the project will be completed by 2015-16 fiscal.

The bank last month cancelled its funding, saying it had “credible evidence corroborated by a variety of sources which points to a high-level corruption conspiracy” among officials and the builders involved with the project.

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