IDB to continue funding

DHAKA: In the latest development, the Islamic Development Bank (IDB) said it would continue its funding much-talked-about Padma Bridge project following Japan International Cooperation Agency (JICA)

A senior official of IDB Dhaka office said: “IDB is not going to cancel its deal right now. The bank wants to give more time to the government of Bangladesh.”

The official added: “The bank is even eager to go for a new deal to implement the project if the existing deal does not finally work out.”  

The official again said, “We would like to go slow like another lender of the project JICA.”

IDB is committed to provide some $140 million for the $2.9-billion mega Padma Bridge project.

Asian Development Bank (ABD) also canceled credit for Padma Bridge project with immediate effect on Monday.

In a statement, the ABD authority said it will not fund for the much-talked project.

On June 30, the World Bank canceled a $1.2 billion credit for a Padma bridge project, saying it had “credible evidence” of a high-level corruption conspiracy among officials of Bangladesh government.

“In light of the inadequate response by the government of Bangladesh, the World Bank has decided to cancel its $1.2 billion credit in support of the Padma multipurpose bridge project, effective immediately,” the World Bank said in a statement.

BDST: 2135 HRS, JUL 03, 2012

Edited by: Abul Kalam Azad, Newsroom Editor
M. Mahbub Alam, Asst Output Editor