Both cost and construction schedule of the Padma Multipurpose Bridge are set to overrun the government estimates as the Bridges Division has sought Tk 82.86 billion more and time extension until June 2020.
This revised project cost is 40 per cent up from the original estimate of Tk 205.07 billion, officials said Tuesday.
They said the Division sent a request to the Planning Commission (PC) Tuesday for a revision of the project on construction of the 6.15-kilometre bridge with a bloated cost of Tk 287.93 billion.
Besides, it has sought four and a half years more-a much longer time extending up to June 2020--for completing the construction works of the bridge.
Under the existing project proposal, the implementation deadline for building the country's longest bridge was December 2015.
"Since the project has been delayed for many years and price of the construction materials have increased over the years, they need revision upward of the total cost," said a senior Bridges Division official.
A PC official told the FE: "We've received the revised project proposal from the Bridge Division. Now we will review it before placing for approval at the Executive Committee of the National Economic Council (ECNEC)."
According to the revised proposal, the Bridges Division has sought Tk 274.28 billion, out of the total Tk 287.93 billion cost, from government's internal resources while Tk 13.65 billion as project aid from external resources.
An official of the division said Tk 13.65 billion will come from the $200 million grants the Indian government earlier confirmed with its total $1.0 billion assistance for Bangladesh.
The government has already started work to construct the country's largest bridge at Mawa-Janjira point across the mighty Padma River.
The government, a year ago, in May 2014, signed a deal with China Major Bridge Engineering Company Limited for constructing the PMB.
Under the deal, the company has to build the main bridge within four years with a budget of Tk 121.32 billion.
The government has also contracted out another Chinese company, Sinohydro, for the river-training works of the Padma Bridge, two local companies for the construction of the approach roads on Mawa and Janjira sides, and the Bangladesh Army and a Korean firm for supervision of the bridge project.
The PC official said they would review the newly revised Tk 287.93 billion project proposal for placing it before the Project Evaluation Committee (PEC).
"If the PEC recommends for approval, then we will place it before the ECNEC soon," he added.
Under the current FY2015 revised ADP, the government has allocated Tk78.65 billion funds to foot the bill for the ongoing Padma Bridge project works.
It is likely to allocate Tk 72 billion for the construction works under the next ADP for the FY2016.
It is going to be largest bridge of Bangladesh which will connect the impoverished southwestern region with the eastern part of the country, including the capital, Dhaka.
According to a survey of the WB, the bridge will boost Bangladesh's economic growth by nearly 1.0 percentage points a year.
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