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Padma Bridge Funding

Japan hopeful of new framework

DPM says Japan will talk to other donors; Bangladesh govt decides not to request WB now for review of its fund cancellation

Staff Correspondent
Japan thinks the Padma bridge project could be “undertaken under a new framework of donor arrangement" now that the World Bank has cancelled its funding commitment in the project.
Japan's Deputy Prime Minister Katsuya Okada conveyed this view to Foreign Minister Dipu Moni at a meeting with her in Tokyo yesterday.
Okada also assured the Bangladesh minister that “Japan would pursue the donor groups, including the ADB, to embark on a negotiated settlement in respect of the project", said a Bangladesh
foreign ministry press release issued from the Japanese capital.
Meanwhile in Dhaka, the cabinet yesterday decided that the government would not request the WB to reconsider its cancellation of the Padma bridge loan. However, it would be open to talks if the global lender realised its “mistake" and wanted to review its decision.
“The government firmly believes it did not make any mistake. The World Bank has made an unjustified decision. Discussions can take place if it realises its mistake and intends to reviewits decision, but the government will not make any
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request to it at this moment,” Cabinet Secretary Mosharraf Hossain Bhuiyan told journalists after a cabinet meeting.
The meeting, chaired by Prime Minister Sheikh Hasina, also decided to mobilise both internal and external resources for the multipurpose bridge.
Mosharraf said the government would welcome the co-financers -- Asian Development Bank, Jica and Islamic Development Bank— if they showed interest in financing the project “We hope to get positive responses from them."
The WB scrapped its $1.2-billion credit for the Padma bridge project on June 29, claiming it had proof of a corruption conspiracy involving Bangladeshi officials, executives of the Canadian firm SNC-Lavalin and private indi vid uals. DIPUMONI INTOKYO In Japan to attend the international conference on Afghanistan, the Bangladesh foreign minister also met her Japanese counterpart Koichiro Gemba and Jica President Akihiko Tanaka separately.
At the meeting with Gemba, Dipu Moni reiterated Dhaka's firm resolve to initiate the Padma bridge project on itsown and sought Tokyo's support in this regard as a "trusted friend and partner".
Highlighting the measures taken by the government to ensure absolute transparency in the project, she said the government was ready to undertake the project with its own resources, but it would appreciate it if countries like Japan could extend their support.
In response, Gemba confirmed that the Japan government understood the feelings of the people of Bangladesh with respect to the significance of the Padma
bridge project.
He reaffirmed that Japan would pursue the possibility of funding the project along with other bilateral and multilateral donor agencies.
Later, meeting top Jica officials, Dipu Moni explained Bangladesh's position regarding the WB's cancellation of the Padma bridge loan. She told them that the bank had neither followed due process nor had come up with any credible evidence about alleged corruption in the project.
Apart from Jica President Akihiko Tanaka, the meeting was attended by Jica Director General Nakahara Masataka, Jica Chief Representative in Bangladesh Toda Takao and Jica Director for South Asia Division Ichiguchi Tomohide.
Dipu Moni said that the government was determined to start work on the Padma bridge without further delay, noting that it would ensure "zero tolerance" for corrup-tionin executingtheprojecL
The foreign minister urged the Japan government to remain "steadfast in its pledge for continuation of the project".
The Jica president expressed regret over the WB'sdecision.
He said they were satisfied with Dhaka's firm determination to go ahead with the project and commitment to ensuring transparency and accountability in the process.
Tanaka also mentioned that Jica, as the implementing agency, would consult all other government agencies in Japan to further discuss thepossibilitiesofa "continuation of funding the project" under the new framework of arrangement.
CABINET MEET
The Padma bridge issue dominated the cabinet meeting, though it was not on the agenda.
Finance Minister AMA Muhith made a presentation
on the project.
Cabinet Secretary Mosharraf Hossain Bhuiyan said construction of the bridge would start primarily with the country's own resources, and the government would also be looking forother sources.
"The prime minister has instructed the ministries to be selective in implementing projects. She said not all allocations are needed at once to implement the projects. In this way, we can save some money this year and channel those to the Padma bridge project," he said.
People from all walks of life had shown interest in contributing to the project and the cabinet decided to explore all options available, Mosharraf continued.
"Since we have to import construction materials with foreign currency, we need to mobilise resources in terms of foreign exchange. Many expatriate Bangladeshis have expressed theirwilling-ness to contribute to the project. We can get a large chunk of remittances from them."
He said $275 million would be required this year to start construction work.
"The prime minister said $1 billion can easily be used from the foreign exchange reserve,” said Mosharraf, adding the government could also issue bonds.
On mobilisation of external resources, the cabinet secretary said the National Board of Revenue could also take steps in this regard.
The Finance Division and the Economic Relations Division would work out how much foreign exchange would be required for the project, he mentioned.
Wishing anonymity, a minister told The Daily Star the government had received some proposals for loans at 4 percent interest. Officials were now in talks to bring the interest rate down