The government is set to cut allocation for the Tk 205.07 billion Padma Bridge project in the current development budget by Tk 2.35 billion due to slow execution, officials said Monday.
Bridge Division officials said they have sought Tk 78.65 billion fund in the upcoming revised Annual Development Programme (ADP) instead of Tk 81 billion allocation in the ongoing development budget for the current financial year (FY) 2014-15.
"We will not require the entire Tk 81 billion allocation in the current fiscal. So we have sought lower funds in the upcoming revised ADP," said a top Bridge Division official.
The Planning Commission has already taken initiative to revise the current Tk 803.15 billion original ADP to streamline the execution of the development projects.
The Padma Bridge project had received Tk 81 billion in the original ADP.
The Planning Commission provided Tk 65 billion from the government's own resources while Tk 16 billion from the US$200 million Indian grants in the current ADP.
Meanwhile, the Bangladesh Bridget Authority (BBA), the project executing agency, spent Tk 45.67 billion till November this fiscal from its total Tk 205.07 billion allocation for constructing the Padma Bridge, Planning Commission (PC) official said.
"We have got the proposal from the Bridge Division for trimming the allocation by Tk 2.35 billion in the revised ADP," said the PC official.
According to the Bridge Division, the progress of the project till last FY2014 was recorded at 10 per cent from the target of 12 per cent.
"In the current FY2015, we had a target to complete 35 per cent of the total project work. But in the meantime, we have revised our target downward to 20 per cent for the current fiscal considering different realities," an official at the BBA said. In the original ADP for the last FY2014, the government allocated Tk 68.52 billion fund for the Padma Bridge Project. Later, it had cut the outlay to Tk 21 billion in the revised ADP due to failure in expenditure in time.
The government has already appointed a Chinese company --China Major Bridge Engineering - for constructing the country's largest 6.15 kilometre bridge by FY2018.
The government had also given work order to another Chinese company Syno Hydro last year for the river training works of the Padma Bridge project. Besides, the government has appointed Bangladeshi firm Abdul Monem Ltd and its joint-venture Malaysian company for building the approach roads on both sides of the proposed Bridge.
The government claims the Padma Bridge, when commissioned, will boost GDP by as much as 1.2 per cent.
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