The government has extended the Padma Multipurpose Bridge project tenure to June 2024 and increased its cost by Tk 24.12 billion to Tk 326.06 billion.
Presided over by Prime Minister Sheikh Hasina, the Executive Committee of the National Economic Council (ECNEC) meeting on Tuesday approved the revision.
Describing the reasons behind the project revision, Dr Mohammad Emdad Ullah Mian, Member of Physical Infrastructure Division of the Planning Commission, said VAT rate has risen to 15 per cent from 10 per cent, and costs of construction materials, river-training works and USD have also increased.
According to the Bridges Division, the Padma Bridge project's main work has already been completed. But, now the project revision is required to complete the remaining ancillary works and pay the contractors' dues.
The Padma Bridge project was approved in 2007 at Tk 101.62 billion cost for completing by June 2015. It was revised for the first time, raising the cost to Tk 205.07 billion.
When the Bangladesh Bridge Authority (BBA) failed to complete the work in time, the government revised the project for the second time to Tk 287.93 billion.
But the BBA again sought additional money for land acquisition, which needed a special revision that enhanced the cost to Tk 301.93 billion.
The ECNEC on Tuesday revised the project for the third time and raised the cost for the fourth time to Tk 326.05 billion.
The meeting also endorsed 11 other projects at a combine cost of Tk 195.99 billion.
Planning Minister M A Mannan told journalists in a briefing: "A total of 15 projects were placed before the ECNEC meeting. Of those, 12 projects were passed, two projects were deferred, and the rest one got time extension."
State Minister for Planning Dr Shamsul Alam, the Planning Commission members and secretaries concerned were present in the briefing.
Of the 12 approved projects, eight are new ones and four are revised projects.
Mr Mannan said: "Of the total cost, Tk 132.04 billion will come from the foreign sources as project assistance, Tk 62.61 billion from the government, while the rest Tk 1.34 billion from the fund of an organisation concerned."
The ECNEC approved the Programme on Agricultural and Rural Transformation for Nutrition, Entrepreneurship and Resilience in Bangladesh Project at a cost of Tk 69.11 billion; Bangladesh Road Safety Project at Tk 49.88 billion; Procurement of Two Crude Oil Mother Tankers and Two Mother Bulk Carrier Ships on the basis of G2G Project at Tk 26.21 billion; and Improving Computer and Software Engineering Tertiary Education Project (ICSETEP) at Tk 12.20 billion.
The other approved projects were the Reconstruction of Mymensingh Central Jail Project (first revision) with extending the cost by Tk 1.12 billion, Project for Protection of Charkaua, Chandmari, Jagua, Lamchari and Charmonai areas in Sadar Upazila of Barisal District from Kirtankhola River Erosion (Phase-1) at Tk 5.13 billion; Establishment of Institute of Nanotechnology (in Savar) Project at Tk 3.81 billion; Building Climate Resilient Livelihoods in the Vulnerable Landscapes in Bangladesh (BCRL) Project at Tk 760.6 million; and Safer Cyberspace for Digital Bangladesh: Enhancing National and Regional Digital Investigation Capability of Bangladesh Police Project at Tk 590.8 million.
The three other revised projects were the Construction of Dhaka-Narayanganj dual-gauge railway line in parallel to the existing meter-gauge railway line (first revised) project at an additional cost of Tk 2.79 billion (revised cost is Tk 6.58 billion); and Reinstallation and Improvement of Level Crossing Gates of the Eastern Region of Bangladesh Railway (third revised) Project at an additional cost of Tk 259.9 million (revised cost is Tk 1.31 billion).
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