Padma Bridge financingADB, JICA extend loan deadline
Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA), the two major co-financiers of Padma bridge project besides the World Bank, have also extended the loan disbursement deadline by three more months.
The new move will keep alive the hope of donor financing for the country’s biggest infrastructure project. The deadline expired last week, ERD officials said.
Earlier, in late January the World Bank, the lead financier of the project, extended its loan activation deadline by six months.
The WB first withheld its funding to the project, after receiving a graft allegation over pre-qualification process of selecting consultants for the project. Later, other financiers also followed the WB.
The WB promised to provide $1.2 billion loan for the $2.9 billion project, while the ADB promised $615 million and JICA $400 million.
Recently, the WB blacklisted the Canadian firm SNC Lavalin, whose name surfaced in the allegations, after finishing primary investigations.
Earlier last month the WB reiterated its stance about their allegations and urged the Bangladesh government to pursue its own investigation into the allegations.
The Daily Sun/Bangladesh/ 1st May 2012