Putting to rest uncertainties and speculations of all shades once and for all, the deal on the massive US$ 1.2 billion loan with the World Bank (WB) on constructing the Padma bridge was signed yesterday (Thursday) on a ferry on the very mighty river. The government signed the agreement for the WB loan amid repeated caveats from the Bank that the Bangladesh authorities must ensure high ethical standard and job quality while executing the multipurpose bridge project. The largest ever loan agreement for the country and the first loan agreement under the $ 2.9 billion Padma multipurpose bridge project constitutes the ambitious project's highest part of expenditure awaiting implementation. The loan agreement was signed by Economic Relations Division (ERD) secretary Mosharraf Hossain Bhuiyan and Wold Bank country director in Bangladesh Ellen Goldstein on the ro-ro ferry Bhasha Shaheed Barkat on the river at around 1pm. The communications minisrtry and Bridge Division organised the grand loan signing ceremony, which was witnessed by senior ministers, high government officials, members of parliament, World Bank high officials and distinguished personalities. Finance minister AMA Muhith and visiting World Bank managing director (MD) Ngozi Okonjo-Iweala addressed the function as the guest of honour with the latter saying the WB will not compromise on quality of the Padma bridge. She reiterated zero corruption in implementing the 6.15-kilometre bridge. The loan agreement on behalf of International Development Association (IDA) credit allows a 40-year maturity with a 10-year grace period and 0.75 per cent interest. Finance minister AMA Muhith said the government has taken up the responsibility to construct the multi-purpose Padma bridge project maintaining quality and keeping it free from graft hoping to start the proposed bridge's work in October next by employing contractors. "Padma bridge project is a big project and it is possible to be completed before the end of the present government's tenure," he told a press conference after the loan agreement signing. The finance minister said the government in order to ensure corruption-free implementation of the cherished Padma bridge project has already constituted a high-profile committee under the Prime Minister's Office and appointed the WB the coordinating agency for overseeing various works including tender, state of the art technology use and fair agreements. The visiting MD of the multilateral lending agency said the Padma multi- purpose bridge is considered not only an extremely important project for the country, it is also the World Bank's largest financial assistance to Bangladesh and the highest IDA credit. "The World Bank's centre-point is to support the country in accelerating the economic growth of the southwest region and its potentiality to be the part of regional connectivity," she said. Maintaining transparency and proper implementation of the project is the crucial for this important project, she said reiterating that 'zero corruption' and 'high quality' should be maintained with utmost priority. "This is the dream for which we all dreamt for. Let's move together and join the hands to say zero corruption for the Padma," she said adding that the World Bank has one very important condition, which is to have the bridge keep the highest standard of quality considering its expected longevity for 100 years. Among others, communciations minister Syed Abul Hossain, planning minister AK Khandaker, economic adviser to the Prime Minister Dr. Mashiur Rahman and local MP Shagufta Yasmin Emily were present at the ceremony. The communications minister said the Padma bridge would be a rail-cum- road bridge admitting that the rail part of the bridge would not be possible to open for train movement in the beginning. He, however, said a train would move towards Tungipara on the inaugural day, but the rail facility in the Dhaka part would not be set up at that time. The Padma bridge, the world's third largest, will be constructed at Mawa and Jajira points across the river connecting nearly 30 million people in the country's southwest zone with the rest of the country. UNB adds: WB MD Okonjo-Iweala said the World Bank is committed to rapid implementation of the project and is also grateful to its partners and co-financiers for joining in this Endeavour. "Padma Bridge will increase connectivity with other countries. The bridge will establish missing links among the longest corridor under the Asian Highway network connecting Tokyo to Istanbul," she added. Okonjo-Iweala said trade to and from Nepal would also directly benefit from the Padma Bridge which is also the single highest credit for Bangladesh by the World Bank.
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