Finance Minister Abul Maal Abdul Muhith has said the government is in the final
stages of reaching an agreement with the World Bank to get the global lending agency
back on board to fund the Padma bridge project. He also expressed the hope to be successful
in such efforts within a week. Speaking with bdnews24.com on Saturday at his
Minto Road residence in the capital, Muhith said: "All obstacles to reach the agreement
are being cleared. I hope the matter will be resolved within one week."

The Washington-based lender cancelled its promised loan of $1.2 billion for the country's
biggest-ever infrastructure project in June alleging corruption. Although the government
later decided to bridge Padma river with its own resources, the Finance
Minister has also been trying to bring back the global lender to fund the infrastructure
project.

The global lender had spelt out a number of conditions for the government to fulfil
after raising the allegations and suspended the fund for the project in September last
year after Canadian authorities launched an investigation into SNC-Lavalin, a firm
short-listed as a consultant for the project. The World Bank cancelled the loan on June
30 claiming that the government did not follow their recommendations.

After the deal was scrapped, Information Communications and Technology Minister
Syed Abul Hossain, who was the Communication Minister when the allegations were
raised, resigned and former Bridges Secretary Mosharraf Hossain was sent on leave.
Meanwhile, several newspapers reported on Saturday that Integrity Advisor of the
Padma bridge project and adviser to the Prime Minister Moshiur Rahman was also
excusing himself from the project.

Muhith, however, said: "We will invite tenders in November if the World Bank returns
to the project, and the bridge construction work will begin by April next year." The
Asian Development Bank (ADB) and the Japan International Cooperation Agency
(JICA) extended their agreement to fund the project until Aug 31 even after the World
Bank cancelled its funding. Bangladesh needs to come to an understanding with the
global lender before that.

Muhith said the government did not want to delay any more in inviting tenders once
both parties reached an agreement. "We have also received positive response from
them (World Bank) in this regard." Asked whether a letter would be sent to World
Bank to review its decision, he said, "I already have the draft letter. It will be sent after
we get a positive response from the other side."

On August 22, he had said, "We will issue the letter when we are sure that our proposal
will not be turned down." According to the minister, the World Bank's IndiaBangladesh-
Nepal's Executive Director MN Prasad (former Indian Chief Secretary) had
taken up the case of Bangladesh with the World Bank. He also said Bangladesh's
Alternative Director to World Bank Mohammad Tareque was also joining the dialogue.

Of the proposed $2.9-billion project, the World Bank had agreed to provide $1.2 billion
while ADB pledged $610 million. The Jeddah-based Islamic Development Bank is also
expected to provide $140 million and JICA said it would contribute $400 million to the
project. Before the Eid holidays, Muhith had commented that the allegation the World
Bank had raised was tarnishing Bangladesh's image in the international arena. "We
have to recover it (the image).

News: The Financial Express