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Padma Bridge Project

Deal signed for the second time

Malaysian consortium to finance it; work to start this year, end in 54 months

Staff Correspondent
Bangladesh yesterday penned a memorandum of understanding (Moll) with Malaysia on cooperation in the construction of the Padma bridge.
However, the agreement was ratified without cancelling the loan deals entered earlier with the World Bank (WB) and three other donors.
Under the MoU, both countries will also work together for developing other infrastructures in
Bangladesh, according to a press release issued by the Bangladesh High Commission in Kuala Lumpur.
Malaysia's Special Envoy to India and South Asia on infrastructure, Datuk Seri S Samy Vellu and Bangladesh's Communications Minister Obaidul Quader signed the agreement in Kuala Lumpur on behalf of their respective sides.
The MoU came into force immediately and will remain effective 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 on the basis of equity and mutual benefit on mutually agreed terms and conditions,” read the release.
Malaysian public or private sector firms with relevant expertise will mobilise and invest an estimated $2.3 billion in the Padma bridge project.
The designated authorities of Malaysia will prepare and submit the technical and financial bid proposals of the project for negotiation. The bridge will be built on a BOOT (build-own-operate-transfer) basis.
Malaysian Prime Minister Dato' Sri Mohd Najib bin Um Abdul Razak, who witnessed the signing ceremony, talked with Prime Minister Sheikh Hasina over phone for about five minutes.
They termed the event as historic and as a landmark, and expressed their commitment to work closely for further strengthening the bilateral ties between the two countries.
Negotiations on the conditions of the loan and other details will start very soon, Bangladesh officials said after the signing ceremony.
The Malaysian government will appoint a consortium of five contractors to complete the job, reported the Malaysian newspaper The Star.
"Construction is scheduled to commence this year and we hope to complete it
in 54 months," the report quoted Samy Vellu as saying.
Bangladesh's Economic Relations Division Secretary Iqbal Mahmood, Bridges Division Secretary Khandaker Anwarul Islam, Bangladesh High Commissioner to Malaysia AKM Atiqur Rahman, Director General of foreign ministry Golam Rahman and Project Director of Padma bridge Shafiqul Islam were present at the signing ceremony.
The construction of the 6.15-kilometre bridge at Mawa-Jajira point of the Padma is the largest and topmost priority project of the present government. It is also an electoral pledge of the ruling Awami League.
The government in April last year signed a $ 1.2 billion loan agreement with the WB to construct the bridge. Besides, the Asian Development Bank was to provide $615 million, Japan International Cooperation Agency $400 million and Islamic Development Bank $140 million more for the scheme.
But the project stalled in October that year when the lead financier WB alleged corruption in the bidding process.
Amid uncertainty over the implementation of the project, several countries including Malaysia showed interest in funding the scheme. Malaysia in January formally proposed financing the project.
In February, Finance Minister AMA Muhith told journalists at his Bangladesh Secretariat office that if the government decided to go ahead with a deal with Malaysia, it would have to withdraw from or cancel beforehand the agreements signed with the WB and three other financiers.
But the government yesterday struck the MoU with Malaysia without cancelling the previous deals.