Islamic Development Bank (IDB) will provide Bangladesh $140 million loan for construction of Padma Multipurpose Bridge.
Finance Minister AMA Muhith and visiting IDB President Dr Ahmad Mohamed Ali signed the loan agreement at the finance ministry yesterday.
Earlier, the World Bank signed a credit agreement for $1.2 billion and Japan for $450 million for the bridge project. The WB also made verbal commitment to give another $300 million. Besides, the Asian Development Bank will sign a deal for $650 million for the project next month.
Construction cost of the country's longest bridge has been estimated at $2.97 billion. Of the amount, $2.74 billion will come from the development partners.
The finance minister and the IDB president also signed yesterday a $14.84 million loan deal for a water supply and sanitation project in the cyclone-prone coastal areas.
Talking to journalists later, Muhith said Padma bridge project is the largest one in the country, and work in this regard is progressing quickly as per schedule.
The IDB chief referred to the assistance from other development partners for the bridge project, and said his institution is willing to cooperate with the institutions interested in the development of Bangladesh.
"The future Bangladesh will be brighter… together we'll build a better Bangladesh," he said.
Communications Minister Syed Abul Hossain said, "I want to assure you (IDB president) that my ministry will implement this project with the highest level of transparency and integrity."
At each stage of implementation of the project, media will be invited to help maintain transparency, he added.
The project includes 6.15 km main bridge, 3.8 km road viaduct and 0.532 km rail viaduct. Besides, 14 km river training and 12 km approach road are part of the project.
When completed, Padma bridge will connect 19 south-western districts will with the capital and eastern region of the county.
Source: The Daily Star (May 25, 2011)
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