Obaidul’s reaction

WB fund cancellation not unexpected

DHAKA: communications Minister Obaidul Quader Sunday said that World Bank’s decision of canceling Padma Bridge funding was sudden, but not unexpected.

The minister made the comment while expressing his reaction over cancellation of World Bank funding for the Padma bridge project.

“World Bank’s allegation over corruption in Padma Bridge construction is underway. Such kind of decision during investigation is unfortunate,” said Obaidul.

He said the government could anticipate the matter following the discussions in previous months. So it has taken initiative for alternative funding, he added.

Claiming that the construction of Padma Bridge would begin before the stipulated time, he said, “The expenditure can be less than previous cost in the alternative proposal. The proposal will be finalized considering the public and country’s interest.”

The World Bank on Friday canceled a $1.2 billion credit for a Padma Bridge project with immediate effect, saying it had “credible evidence” of a high-level corruption conspiracy among officials of Bangladesh government.

BDST: 1405 HRS, July 1, 2012

Edited by: Shahin Afroz, Newsroom Editor