$140m Padma Bridge loan deal signed with IDB

The government signed a US$140 million loan deal with the Islamic Development Bank (IDB) on Tuesday to finance the Padma Multipurpose Bridge Project.

Finance Minister AMA Muhith and visiting IDB President Dr Ahmad Mohamed Ali signed the agreement at the finance division of the ministry of finance at about 10:00am.

They also signed another $14.84m deal to implement a water supply and sanitation project in cyclone-prone coastal areas.

The country’s longest 6.15 kilometre bridge, including the 3.68km land-based approach viaducts on both sides of the river, will connect 19 south-western districts with the capital.

The total estimated cost for the bridge project is US$ 2.9 billion.

The government has already signed a $1.12b credit agreement with the World Bank on April 28 and another $415m loan contract with Japan International Cooperation Agency on May 18. The government itself will provide Tk 4,257 crore.

The IDB was the first organisation among the co-financiers (Abu Dhabi Fund, ADB, JICA and World Bank) to approve the project’s financing.

Communications Minister Syed Abul Hossain, Prime Minister’s Economic Affairs Adviser Mashiur Rahman and Economic Relations Division (ERD) Secretary Musharraf Hossain Bhuiyan were, among others, present on the occasion.

daily star

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