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World Bank's "indirect" boost for Padma bridge
Staff Correspondent, bdnews24.com
Published: 2013-06-17 04:06:11.0 Updated: 2013-06-17 04:07:57.0
World Bank's "indirect" boost for Padma bridge - bdnews24.com
World Bank will continue financing important projects in Bangladesh that will help the country 'self-finance' the Padma bridge project, its country representative says.
The lender's Bangladesh Representative Johannes Zutt said on Sunday that the Padma bridge will not be funded directly, but the financing of other frontline projects will continue.
"Our assistance in other projects will free the government (of Bangladesh) off pressures and help self-funding the Padma bridge," Zutt told the media at the World Bank's Dhaka office.
Education and infrastructure were the two key sectors in which the World Bank's funding will continue, he said.
"This means we are helping bridge the Padma indirectly," Zutt said when asked whether it was possible for Bangladesh to do the Padma project on its own.
Earlier he had said it was possible if the country carefully used foreign aid, global loans and sovereign bonds.
The World Bank had initially pledged $1.2 billion for the $2.91 billion Padma bridge project.
Later the global lender stopped funding after graft allegations surfaced, only to reconsider funding if Bangladesh cooperated with its investigations.
In January, Bangladesh government withdrew the funding request and decided to do the country's biggest ever infrastructure project with its own resources.
The Finance Minister has allocated Tk 68.52 billion for the project in his 2013-14 fiscal budget.
Communications Minister Obaidul Quader has said Tk 91.72 billion tender will be floated on June 30 for the construction of the bridge.
But Finance Minister AMA Muhith continued to vouch that his government's relations with the World Banbk had not soured and the global lender would continue funding other key projects in the country.
Zutt was asked about complaints about corruption and poor governance in Bangladesh, to which he replied: "Many other countries suffer these problems. Bangladesh must get over these".
Staff Correspondent, bdnews24.com
Published: 2013-06-17 04:06:11.0 Updated: 2013-06-17 04:07:57.0
World Bank's "indirect" boost for Padma bridge - bdnews24.com
World Bank will continue financing important projects in Bangladesh that will help the country 'self-finance' the Padma bridge project, its country representative says.
The lender's Bangladesh Representative Johannes Zutt said on Sunday that the Padma bridge will not be funded directly, but the financing of other frontline projects will continue.
"Our assistance in other projects will free the government (of Bangladesh) off pressures and help self-funding the Padma bridge," Zutt told the media at the World Bank's Dhaka office.
Education and infrastructure were the two key sectors in which the World Bank's funding will continue, he said.
"This means we are helping bridge the Padma indirectly," Zutt said when asked whether it was possible for Bangladesh to do the Padma project on its own.
Earlier he had said it was possible if the country carefully used foreign aid, global loans and sovereign bonds.
The World Bank had initially pledged $1.2 billion for the $2.91 billion Padma bridge project.
Later the global lender stopped funding after graft allegations surfaced, only to reconsider funding if Bangladesh cooperated with its investigations.
In January, Bangladesh government withdrew the funding request and decided to do the country's biggest ever infrastructure project with its own resources.
The Finance Minister has allocated Tk 68.52 billion for the project in his 2013-14 fiscal budget.
Communications Minister Obaidul Quader has said Tk 91.72 billion tender will be floated on June 30 for the construction of the bridge.
But Finance Minister AMA Muhith continued to vouch that his government's relations with the World Banbk had not soured and the global lender would continue funding other key projects in the country.
Zutt was asked about complaints about corruption and poor governance in Bangladesh, to which he replied: "Many other countries suffer these problems. Bangladesh must get over these".
what the flying fuaaaaaark does 'indirect boost' mean?
