The government signed a $615 million loan deal with the Asian Development Bank (ADB) on Monday to finance the Padma Multipurpose Bridge Project.
Economic Relations Division Secretary M Musharraf Hossain Bhuiyan and ADB Country Director Thevakumar Kandiah signed the agreement at National Economic Council (NEC) building in the capital’s Sher-e-Bangla Nagar area at about 2:50pm.
The country’s longest 6.15 kilometre bridge, including the 3.68km land-based approach viaducts on both sides of the river, will connect 19 south-western districts with the capital.
The total estimated cost for the bridge project is US$ 2.9 billion.
ADB is providing over 21 percent of the total investment cost of nearly $2.92 billion for the bridge across the river Padma.
In addition to ADB, the World Bank (WB), the Japan International Cooperation Agency (JICA) and the Islamic Development Bank (IDB) are also contributing to the construction of the Padma Bridge as co-financiers.