World Bank cancels Bangladesh bridge loan over corruption

[BanglaBhoot]

A bridge of immense importance

Staff Correspondent

The Padma multipurpose bridge will lead to a $6,000 million rise in GDP over 31 years from 2015, a World Bank assessment shows.

Its economic benefits will peak by 2032 with an annual return of about $300 million a year.

Besides, the bridge is expected to save significant travel time and vehicle operational costs between Dhaka division and the southwest region.

The gross agricultural output in the region will increase by more than 50 percent over the 31 years.

After the construction of the bridge, increased economic activity will alleviate poverty in Khulna and Barisal divisions.

The project will help raise employment by 10.2 percent in the region by boosting farm activities, especially vegetable production.

According to the project appraisal undertaken by the WB, the bridge's outcome will be 1.9 percent reduction in poverty a year at the national level and 2 percent in the southwest region.

Once the bridge is constructed, roughly more than 9,000 hectares of land will be protected from riverbank erosion and flooding. The value of land saved will be at least $156 million.

The combined savings in utility crossings for electrical line, fibre optic cables and gas pipelines will be $271 million.

The proposed bridge will also help the government cut 50 percent subsidies for ferry operation. With closure and/or reduction in operation of ferries, there will be additional savings, to the tune of about $400 million.

http://www.thedailystar.net/newDesign/news-details.php?nid=240753

 

[Maira La]

Yes that's why your news anchors speak in our dialect. Lakh lanat on you for stealing our dialect for commercial purpose!

<troll>


LOL. It's a different dialect altogether and I'm surprised you watch BD news. No one in BD watches WB news. Soft power, hell yeah! ;p


</troll>

 

[idune]

This is what Muhit, Awami League finance minister said in Parliament in response to WB cancelation.

In his nearly half-hour briefing in presence of Prime Minister Sheikh Hasina about the ambitious project, He blamed the outgoing President of Washington-based lending agency Robert Zoellick for taking the illogical decision, which hampered the image of Bangladesh and believed that it would reconsider the decision.

"Probably, the outgoing President of the World Bank Mr. Robert Zoellick in an attempt to settle the issue in haste during his term has taken this imprudent decision which has shattered the image of Bangladesh," he said.

Zoellick's tenure expired only a couple of days after the decision to cancel the fund had been taken. The new President Jim Yong Kim took charge on Sunday.

Now new WB president who just took charge of the office yesterday said decision of cancelling the Padma bridge loan was correct. He absolutely shut Muhit out on making loan cancellation a "Robert Zoellick" issue.

New WB chief backs Padma decision
Tue, Jul 3rd, 2012 11:00 am BdST

Dhaka, Jul 3 (bdnews24.com) &#8211; The newly appointed World Bank chief Jim Yong Kim has said the decision to cancel loan for the Bangladesh's Padma bridge project was 'appropriate', according to international media reports.

His comment came on first day on the job when Bangladesh government was preparing to hold discussion with the top management of the Bank to review its decision.

http://bdnews24.com/details.php?cid=2&id=227534&hb=top

Robert Zoellick is one of the most well connected offcial of US. He is way out of Muhit league to take on let alone use as scapegoat for Awami corruption and subsequent cancellation. Awami League regime causing more damage by letting this Muhit joker speak.

 

[p3avi8tor69]

What can I say, its Awami logic. No corruption happens if no cash is passed. Its amazing how they can say that with a straight face.

 

[kalu_miah]

The correct way to say:

Koira dimu/demu
falaya -
kaytya -
maira -

Personally I do not like this sissy Cholti-kolkata accent, it is one that was brought in vogue by our Bengal renaissance affected immigrant Bengal Muslims from West Bengal. I prefer Dhakaiya, where I grew up and of course our regional Comilla dialect, which both my parents speak.

By the way, Dhaka was established at least a few hundred years before by "Timurid" Mughals and was a thriving city when Kolkata was a sleepy village. Lalbagh killa, Id gah mosque in Dhanmondi, many ruins are still there from those periods, before Bengal's capital was moved to Murshidabad. May be we should open a thread for Turkic and Mughal ruins in Bangladesh, so people are refreshed with the memory of their own history, and not go into off topic discussions here.

 

[kalu_miah]

Thriving city! It was like a little market town! Historically most of the Capital were in West Bengal while East Bengal remained, in Suhrawardy’s words, an overpopulated rural slum!

What ever you want to call it, Kolkata did not even exist back then. And if you want to discuss further, open a different thread on history of Dhaka.

 

[monitor]

ominous sign for BAL as the new world bank chief also supported his predecessor decision on Bangladesh in his first statement .
so what the finance minister were telling they will start dialogue with new top brass of world bank would not fruitful .
moreover JICA and ADB too are going to follow World bank .

 

[Luffy 500]

e The new WB pres. Zim Young kim said that the cancellation of fund is justified.
?? ??????? ????????? ????: ??? ??? ??? - ????? ???

A quote of WB president:

&#8216;&#2476;&#2494;&#2434;&#2482;&#2494;&#2470;&#2503;&#2486;&#2503;&#2480; &#2470;&#2480;&#2495;&#2470;&#2509;&#2480; &#2478;&#2494;&#2472;&#2497;&#2487;&#2503;&#2480; &#2478;&#2457;&#2509;&#2455;&#2482;&#2503;&#2480; &#2476;&#2495;&#2487;&#2479;&#2492;&#2503; &#2438;&#2478;&#2480;&#2494; &#2454;&#2497;&#2476; &#2488;&#2460;&#2494;&#2455;&#2404; &#2453;&#2495;&#2472;&#2509;&#2468;&#2497; &#2438;&#2478;&#2494;&#2453;&#2503; &#2447;&#2463;&#2494;&#2451; &#2470;&#2503;&#2454;&#2468;&#2503; &#2489;&#2476;&#2503; &#2479;&#2503; &#2476;&#2495;&#2486;&#2509;&#2476;&#2476;&#2509;&#2479;&#2494;&#2434;&#2453; &#2453;&#2454;&#2472;&#2507; &#2470;&#2497;&#2480;&#2509;&#2472;&#2496;&#2468;&#2495; &#2488;&#2489;&#2509;&#2479; &#2453;&#2480;&#2503; &#2472;&#2494;&#2404;&#8217;

Meanwhile our honorable Finance minister is still at the door step of WB with baby abul.

 

[baldFish]

lol at people giving the bretton woods organizations angel status, that being said it was inevitable they would cancel the project was only a matter of time.

this shouldnt be a national embarrassment, the national embarrassment is when awamis or bnps and their jamat cohorts come to power

i dont get the buss about his timurid part... do you see brits fighting over whos anglo who is saxon or who is norman?

Some folks here are saying that WB took this action to 'teach them a lesson'.

May be, just may be it could be related to Dr. Yunus's removal from Grameen Bank. That is what some media commentators (professional) are saying. So I do not know for sure.

But on a side note, there's simply too much corruption here in Bangladesh.

there is too much corruption in south asia in general, this is not a new phenomeon and the desi on desi hate is as old as ever,

ever wondered why only a united india existed only for a very short period of time all throughout history it fragmented into small princely states who were fighting among each other and in the process bribing each others general or high ups for "beimani"

i dont understand the desi on desi hate, 70 years ago we were one country and then got split on the basis of religion, which wasnt the tone of the masses only served as a benefit for some politicians, as result of that split the hate got even more worse

today one would expect the entire indian subcontinent at large to move out and work for united progress but I dont see any signs of that happening, ya'll have to ask yourselves whos benefiting from your infighting sure the politicians in delhi or dhaka dont give a flying fcuk about the hate unless it benefits their swiss bank account

the aam admi should stand up once again for their own rights and better future!

 

[BanglaBhoot]

IDB toes JICA line on Padma bridge

Dhaka, July 3 (bdnews24.com) — The Islamic Development Bank (IDB) will continue its funding support for the Padma bridge project even though the World Bank and ADB had withdrawn from the project alleging corruption in the process of project implementation.

"We would like to go slow like another lender of the project Japan International Cooperation Agency," said a senior IDB official posted at its Dhaka office.

The Jeddah-based IDB is committed to provide $140 million for the $2.9-billion Padma bridge project. IDB's announcement came a day after JICA announced to continue its funding for the project. Japan's JICA has promised to give $400 million for the project.

"IDB is not going to cancel its deal right now. The bank wants to give more time to the government of Bangladesh," said the IDB official.

"The bank is even eager to go for a new deal over implementation of the project if the existing deal does not finally work out," he added.

The main financier of the project, the World Bank, cancelled its $1.2-billion fund commitment on Friday. ADB, which had pledged to contribute $610 million to the project, also hinted following the same path.

IDB toes JICA line on Padma bridge | Bangladesh | bdnews24.com

 

[baldFish]

i hope the work on the bridge starts soon!

 

[idune]

Bangladesh also should contribute at least $600-$800 million from direct public contribution. Same model as Jumuna bridge can be followed by applying small amount of surcharge (2tk-5tk) on different areas. This way Bangladesh can pay off any foreign debt quickly and toll on the bridge would be less.

 

[Zabaniyah]

Meanwhile our honorable Finance minister is still at the door step of WB with baby abul.

That guy is an idiot.

Enough said.

there is too much corruption in south asia in general, this is not a new phenomeon and the desi on desi hate is as old as ever,

ever wondered why only a united india existed only for a very short period of time all throughout history it fragmented into small princely states who were fighting among each other and in the process bribing each others general or high ups for "beimani"

i dont understand the desi on desi hate, 70 years ago we were one country and then got split on the basis of religion, which wasnt the tone of the masses only served as a benefit for some politicians, as result of that split the hate got even more worse

today one would expect the entire indian subcontinent at large to move out and work for united progress but I dont see any signs of that happening, ya'll have to ask yourselves whos benefiting from your infighting sure the politicians in delhi or dhaka dont give a flying fcuk about the hate unless it benefits their swiss bank account

the aam admi should stand up once again for their own rights and better future!

Well, South Asians are generally very arrogant and prone to trolling. Don't hate me for saying it, but it is the truth....

Security is almost non-existent in South Asia even in the 21st century. And what's more, they has nukes!

 

[idune]

lol at people giving the bretton woods organizations angel status, that being said it was inevitable they would cancel the project was only a matter of time.

this shouldnt be a national embarrassment, the national embarrassment is when awamis or bnps and their jamat cohorts come to power

i dont get the buss about his timurid part... do you see brits fighting over whos anglo who is saxon or who is norman?




there is too much corruption in south asia in general, this is not a new phenomeon and the desi on desi hate is as old as ever,

ever wondered why only a united india existed only for a very short period of time all throughout history it fragmented into small princely states who were fighting among each other and in the process bribing each others general or high ups for "beimani"

i dont understand the desi on desi hate, 70 years ago we were one country and then got split on the basis of religion, which wasnt the tone of the masses only served as a benefit for some politicians, as result of that split the hate got even more worse

today one would expect the entire indian subcontinent at large to move out and work for united progress but I dont see any signs of that happening, ya'll have to ask yourselves whos benefiting from your infighting sure the politicians in delhi or dhaka dont give a flying fcuk about the hate unless it benefits their swiss bank account

the aam admi should stand up once again for their own rights and better future!

Its official baldFish dying for india to take over other south asian countries and fulfill his "undivided india" dream. What a traitor!

 

[Imran Khan]

everyday i read someone in going to fund in then cancel it then fund then cancel it its now fifth one i thing .what the hell is wrong with it make it at your own man its just a bridge