ADB to approve $615m for Padma Bridge today
Thursday, 25 November 2010
The Board of Asian Development Bank (ADB) meets today (Thursday) at Manila in Philippines for final approval of US$ 615 million assistance for construction of the Padma Bridge.
"There is no obstacle so far in approving and releasing the fund as the ADB is very much keen to finance the project," an official of ADB in Dhaka told UNB.
The Padma Bridge is estimated to cost $2.4 billion. Although ADB has pledged US$ 615 million for the project it is likely to increase the amount in future.
After approval from the board, ADB would be the first donor agency or country to release fund for the Padma Bridge. The bank has pledged $615 for the bridge and for Padma rail link $130 million to be given in 2013.
Work on the $2.4 billion Padma multi-purpose bridge is to begin next month with the target of completing the project by 2013.
The bridge, 6.15km in length, will connect 19 districts of the south-western part of the country with the eastern part, including the capital, and it will be linked with the Asian Highway.
Development partners have agreed to co-finance about $2.2 billion, of which the WB will provide $1.2 billion, Asian Development Bank $615 million, Islamic Development Bank $130 million, JICA $300 million and Abudhabi Fund $31.4 million.
Meanwhile, World Bank President Robert Zoellick Tuesday assured Prime Minister Sheikh Hasina that funds pledged by the global lender for constructing the Padma Bridge would be released on time.
"There is no obstacle so far in approving and releasing the fund as the ADB is very much keen to finance the project," an official of ADB in Dhaka told UNB.
The Padma Bridge is estimated to cost $2.4 billion. Although ADB has pledged US$ 615 million for the project it is likely to increase the amount in future.
After approval from the board, ADB would be the first donor agency or country to release fund for the Padma Bridge. The bank has pledged $615 for the bridge and for Padma rail link $130 million to be given in 2013.
Work on the $2.4 billion Padma multi-purpose bridge is to begin next month with the target of completing the project by 2013.
The bridge, 6.15km in length, will connect 19 districts of the south-western part of the country with the eastern part, including the capital, and it will be linked with the Asian Highway.
Development partners have agreed to co-finance about $2.2 billion, of which the WB will provide $1.2 billion, Asian Development Bank $615 million, Islamic Development Bank $130 million, JICA $300 million and Abudhabi Fund $31.4 million.
Meanwhile, World Bank President Robert Zoellick Tuesday assured Prime Minister Sheikh Hasina that funds pledged by the global lender for constructing the Padma Bridge would be released on time.