Dhaka, Bangladesh (BBN) – The governments of Bangladesh and Malaysia on Tuesday signed a Memorandum of Understanding (MoU) in Kuala Lumpur on cooperation in the construction of the Padma Multipurpose Bridge and associated facilities including other infrastructure projects.
Communication Minister Obaidul Quader signed the MoU on behalf of
Bangladesh while S. Samy Vellu, special envoy to India and South Asia on Infrastructure in the Prime Minister’s Department of Malaysia, signed for Malaysian government, officials said.
Negotiation on the conditions of the loan and other details will start very soon, they added.
Malaysian Prime Minister Mohd Najib Tun Razak witnessed the signing of the MoU, according to a message received in the capital Dhaka from Bangladesh High Commission in Kuala Lumpur.
Under the MoU, public or private sector agency, firm, or company of Malaysia with the relevant expertise and authority, with sufficient experience as agreed by the parties will invest/arrange/mobilize for a sum equal to at least the estimated project cost as agreed with the government of Bangladesh and at least US$ 2.30 billion or the estimated project cost whichever is higher, for implementing the Padma Multipurpose Bridge (PMB) Project.
On the basis of the MoU, the designated Authority of Malaysia will prepare and submit the technical and financial bid proposal of the PMB Project for negotiating the construction of the PMB Project on `BOOT’ basis.
The MoU came into force from Tuesday and will remain in force for a period of nine months.
The main objective of the MoU is to cooperate in the planning, development, finance, construction, management, administration and maintenance of infrastructure works on the basis of equity and mutual benefit on mutually agreed terms and conditions.
Initially, both the governments will take necessary steps to encourage and promote financial and technical cooperation for the purposes of the PMB Project.
After the signing of the MoU, Bangladesh Prime Minister Sheikh Hasina and Malaysian Prime Minister Mohd Najib Tun Razak talked over telephone.
Terming the signing of the MoU as historic and a landmark development, the two Prime Ministers renewed their commitment to work more closely for further strengthening bilateral cooperation between Bangladesh and Malaysia.
BBN/SSR/AD-10Apr12-3:34 pm (BST)