A time-overrun inland container depot (ICD) project, located at Khanpur in Narayanganj, was Wednesday denied consent by the interim government for its alleged timely execution failure and faulty project proposal.
Sources said Shipping Ministry sought the go-ahead for the revised ongoing BIWTA project on internal container and bulk terminal at Khanpur by hiking the cost by 57.08 per cent to Tk 6.16 billion and also seeking four more years to complete its building.
The Financial Express published a story Wednesday regarding the revision proposal of the project which allegedly has faulty design, bloated cost, excessive execution timeline, possible conflict with nearby ICD at Pangaon, still underutilized, and a political influence by the ousted government.
Insiders said the feasibility study of the container terminal at Khanpur was faulty and its cost was bloated.
"The project was undertaken during the ousted Sheikh Hasina government on political motivation," said one of the sources.
With Chief Adviser of the post-uprising government Prof Muhammad Yunus presiding, the Executive Committee of the National Economic Council (ECNEC) meeting sent back the revised project proposal with instructions for further review.
A senior official said the ECNEC asked the Shipping Ministry to further scrutinize mainly for its higher cost involvement and possible conflicts with the existing ICD at Pangaon.
The highest government economic policy body endorsed 10 other projects involving an aggregate cost of Tk 42.467 billion at its meeting.
After the meeting was over, Planning Adviser Dr Wahiduddin Mahmud said out of the total project cost, Tk 36.32 billion will come from government's internal resources, Tk 2.058 billion from external resources as project assistance while Tk 4.09 billion from the implementing agencies' own funds.
Of the approved 10 projects, six are new and four revised ones.
Planning Adviser Dr Mahmud said that they are now giving approval for development projects in a normal process although they would scrutinize all of those seriously.
About the struggling macroeconomic state, Dr Mahmud said, "The export earnings and remittances have rebounded and the economy has got momentum."
The inward remittances have also direct and indirect impact on the economic development of the country.
Terming demographic dividend as a 'window of opportunity', the Planning Adviser said Bangladesh might enjoy such facility on a full scale over the next 10 to 15 years.
About open data source he said the government may amend the Statistics Law which might allow Bangladesh Bureau of Statistics (BBS) to publish data of its own on GDP, inflation, employment and wage rates with support from the experts concerned.
On the falling GDP growth in the first quarter of the current fiscal year (FY) 2024-25, Dr Mahmud said the industrial production was lower in July-August period due to student-mass upraise and that resulted in a lower growth. But the GDP growth was not negative.
"Inflation is still a problem for the lower-income people as they are forced to spend the lion's share of their income for food purchases," the economist said. But he believes the inflation will come down soon.
Among the ECNEC-approved projects are Chittagong Tax Building Construction project costing Tk 4.37 billion, Preservation dredging in Pashur channel connecting Mongla seaport at Tk 15.38 billion, Mongla Port support vessel procurement (1st revision) project increasing the cost by Tk 1.69 billion to Tk 9.36 billion, Establishment of Global Maritime Distress and Safety System & Integrated Maritime Navigation System (EGIMNS) project increasing the cost by Tk 1.14 billion to Tk 9.32 billion.
Other projects endorsed at the meeting are Khulna's Khanpur Inland Container and Bulk Terminal Construction (1st Revision) raising the cost by Tk 2.23 billion to Tk 6.157 billion, Sustainable Nutrition Security Strengthening Through Pulse and Oilseed Production (Phase 2) project at Tk 2.66 billion, Surface Water Management and Usage to Increase Agricultural Production in Sylhet Division involving Tk 4.99 billion, Reconstruction/Rehabilitation of Iron Bridges in the Southern Region (2nd Revision) project at Tk 27.73 billion, Dupitila-1 and Kailashtila-9 Well Drilling (Exploration Well) project with a cost of Tk 6.465 billion, the Construction of Bangladesh Buddhist Monastery Complex at Lumbini Conservation Area, Nepal project at Tk 680.80 million.
Advisers, Planning Commission members and higher officials concerned were present at the ECNEC meeting.
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