Padma project loan deal signing with WB Apr 28

The government has fixed April 28 and 30 to hold two grand ceremonies for signing US$ 1.2 billion Padma Bridge loan agreement with the World Bank (WB) and launching of the construction of $1.5 billion Dhaka Elevated Expressway respectively. Both the Padma Bridge and the elevated expressway are the country's priority infrastructure projects and election pledges of the present government. The Bangladesh Bridge Authority (BBA), the executing agency of the two projects, has confirmed the dates and said all preparations are going on to make the two events successful. "The progress made in the two projects proves that we are going ahead as far as the infrastructure development is concerned," said Prof Jamilur Reza Chowdhury, head of the panel of experts on both the projects. He said the Padma Bridge is expected to bring about major changes in the highway system and connectivity with other parts of the country. Prof Chowdhury said Dhaka Elevated Expressway being the country's first and largest public-private partnership infrastructure project also bears importance. But, he said, the challenge remains in completing its construction in time to help solve the urban traffic problem. Officials said the BBA has tried to organise a single loan agreement ceremony signing deals with all Padma Bridge co-financiers but could not make it possible. Only the agreement on the World Bank's part of loan, which is $ 1.2 billion, will be signed on the occasion. "We are planning to hold the ceremony in a ship in the middle of the Padma river on April 28," said BBA Secretary Mosharraf Hossain Bhuiyan. Mosharraf Hossain Bhuiyan and World Bank Country Director Ellen Goldstein will sign the agreement on behalf of the government and the Washington-based multilateral lending agency respectively. Finance Minister Abul Mal Abdul Muhith and World Bank Managing Director N' Gozi Okonjo Iweala will be present. The officials said the inaugural ceremony of the Dhaka Elevated Expressway, which is to be held at Baridhara DOHS on April 30, will be attended by Prime Minister Sheikh Hasina. A Thai minister is also likely to be present during the ceremony. After implementation, the Padma multi-purpose bridge is likely to help flourish the country's economy by increasing Gross Domestic Product (GDP) by 1.2 per cent. Italian-Thai Construction Development Public Company Ltd will carry out the construction of the elevated expressway. It is likely to improve road connectivity between the northern and the central, south and south-eastern parts of Dhaka city linking the capital with the Chittagong highway. It is planned to be completed in three and a half years.