The Ministry of Communication (MoC) has urged the Economic Relations Division (ERD) to obtain prior commitments from lending agencies willing to finance the construction of the proposed Padma bridge, official sources said.
Without such confirmations, it is quite difficult for the ministry to complete the approval procedure of the mega project, the MoC told the ERD in a recent letter.
The letter added that the ministry could not implement its planned land acquisition programme on both sides of the river Padma as the National Economic Council and the executive committee of the National Economic Council denied approval on the grounds of non-availability of foreign funds, sources added.
The ministry has requested the ERD to hold a meeting with the willing lenders like the World Bank (WB) and the Asian Development Bank (ADB) as early as possible to obtain the loan commitments in writing.
In another development, the Jamuna Multipurpose Bridge Authority (JMBA) will make a presentation of the design of the proposed bridge and land acquisition plan at the ministry today (Monday) afternoon.
Communication adviser MA Matin is expected to attend the presentation ceremony and will give further directives, source said.
Sources said the WB and the ADB have separately assured the government to lend US$ 300 million each for the construction of the Padma bridge in the fiscal year 2008-09 verbally.
Apart from the Washington and Manila-based lending agencies, the Japan Bank of International Cooperation (JBIC) has also showed interest to invest in the project worth more than Tk 90 billion.
The government has committed to bear one third of the total project cost.
It is likely to involve other private parties and lending agencies in the construction of the proposed bridge that will be much greater in length than the existing JMB, source added.
The site selection at the Mawa-Jajira to build the proposed 6.01 kilometre bridge has already been approved by the immediate past government.
The construction of the 25-metre wide four-lane Padma bridge with a provision of railway track is expected to take six years to complete.
Once the mega project is completed, travel among all the major divisions and cities will be easier and faster while the national economy is expected to be boosted by about 1.2 per cent growth in gross domestic product (GDP).
After opening of the bridge, the traffic volume at the Padma bridge will reach 21,300 vehicles per day and 41,600 vehicles per day by 2025. It will induce 7,43,000 men per year employment opportunities.
According to the available figures, some 655 hectares of land at Mawa-Jajira point would be acquired for river training, construction of approach roads and resettlement activities.
Nearly 19,000 people are likely to be affected due to the bridge construction while 30,000 people will lose their lands, according to a survey by the Japan International Cooperation Agency (JICA).
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