Bangladesh gets $1.2bn World Bank loan for bridge

April 28th, 2011 - 3:31 pm ICT by IANS  

Dhaka, April 28 (IANS) Bangladesh Thursday signed a $1.2 billion loan deal with the World Bank for the construction of a bridge over river Padma.

The Padma Multipurpose Bridge would connect the south-western region to the rest of the country and the total project cost is estimated at $2.9 billion.

World Bank (WB) Country Director Ellen Goldstein and Economic Relations Division Secretary Mosharraf Hossain Bhuiyan signed the agreement.

The signing ceremony took place on a ferry on the river Padma, one of the major river systems of Bangladesh, Star Online reported.

Bangladesh built the Jamuna Bridge with international assistance and it was opened in 1997.

The bridge on the Padma is expected to stimulate economic growth by facilitating inter-regional, cross-river transport of passengers and freight, and transmission of natural gas, telecommunication and electricity in a cost effective manner.

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