Govt seeks additional $650m from ME countries, OPEC

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FHM Humayan Kabir
The government has sought funds to construct the Padma Bridge from some middle-eastern (ME) donors and OPEC as it needs additional over US$650 million for the scheme, officials said Monday.
"We've recently requested Kuwait, United Arab Emirates (UAE), Saudi Arabia and Organisation of Petroleum Exporting Countries (OPEC) to provide financial support to the Padma bridge scheme," a senior economic relations division (ERD) official told the FE.
"The Abu Dhabi Fund of UAE has responded positively. We are corresponding with them to confirm the possible fund," he said.
The ERD official said, "Other middle-eastern donors have sought the detailed project documents to review those before funding. We have sent the documents. We are hopeful they will also respond positively to finance the mega project."
The World Bank, Asian Development Bank (ADB), Japan and Islamic Development Bank (IDB) have already assured of financing the project. The government expects at least $1.15 billion funds from these donors.
Following the escalation of the cost for the Padma bridge construction, the communications ministry has recently requested the ERD to explore the source of additional funds to fulfil the deficit.
The preliminary cost estimation of the bridge was $1.47 billion, which has gone up to $1.80 billion due to the price hike of construction materials in the global markets. The World Bank has re-estimated the cost.
The 5.558 kilometre long proposed bridge will be constructed at Mawa-Janjira point that will link the country's southwest zone, the highest poverty-prone area, with the advanced zones including the capital Dhaka by FY 2015.