Dhaka, Bangladesh (BBN)- Asian Development Bank (ADB) has just been informed by the Government of Bangladesh of its decision to disengage from World Bank financing of the Padma Multipurpose Bridge Project, as they think they are stuck on the project almost indefinitely because of the investigation about the conspiracy of corruption.
The World Bank is the main financier of the project and ADB a co-financier, alongside Japan International Cooperation Agency and Islamic Development Bank. Given this cofinancing arrangement, a discontinuation of funding by the World Bank means ADB is also unable to proceed with the transaction, the ADB said in a statement on Friday.
The Padma Multipurpose Bridge Project remains one of the most significant development projects in Bangladesh. It is designed to link up the southwestern part of Bangladesh with Dhaka and other parts of the country.
In this regard, the project has major regional value, and the potential to benefit approximately 30 million people. The Project would benefit investment, trade, jobs and economic growth. ADB remains hopeful that such an important project will be built.
ADB is committed to the highest integrity, governance, and anti corruption standards. “We, therefore, encourage the Anti-Corruption Commission in Bangladesh to continue a full and fair investigation, and the Government of Bangladesh to continue its work on governance reforms. These measures combined will also benefit people and businesses in the long run.”
ADB supports poverty reduction efforts in Bangladesh. ADB, is a longstanding development partner of Bangladesh and its people, and once again expresses its continued commitment to help with its long-term development needs.
BBN/SSR/AD-01Feb13-11:56 pm (BST)
