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Padma Bridge Project

Govt weighs 4 options

Rejaul Karim Byron
The government now considers four options for implementing the Padma bridge project nearly three weeks after the World Bank pulled out of the country's biggest ever infrastructure project.
The options include formation of a new consortium of the ADB, Jica and IDB, and inviting fresh tenders asking bidders to finance part of the project, said finance ministry officials.
The options were discussed at a meeting of secretaries at the finance minister's residence last Tuesday. Prime Minister's Foreign Affairs Adviser Gowher Rizvi was also FROM PAGE 1
present there, they said.
Muhith and Rizvi talked about it with the prime minister right after the meeting.
The finance minister yesterday gave hints about some alternative options for implementing the project. He said the government will decide on new financing arrangement by this month and will start the project work within the current fiscal year.
Muhith was speaking to reporters in the cabinet division after a meeting of the cabinet committee on economic affairs.
Wishing anonymity, a finance ministry official said the government is likely to take some steps to engage the development partners afresh in the project and restore their confidence following the WB's allegation of corruption in the project.
A steering committee will be formed with the finance minister as its head to oversee the project’s implementation. An international panel will be engaged to look into whether the Anti-Corruption Commission's probe into the corruption allegations was up to international standard, the official said.
In case of unavailability of soft credit from development partners, fresh tenders may be floated asking bidders to finance a part of the project,
said the official.
FIRSTOPTION
The government's first option is to revive the WB-led arrangement for S2.3 billion credit by the four development partners — the WB, Asian Development Bank (ADB), Japan International Cooperation Agency (Jica) and Islamic Development Bank(IDB).
The arrangement became void after the WB cancelled its $1.2 billion credit for the project on June 29.
The government has requested Jica President Akihiko Tanaka to play a role in reviving the arrangement.
Tanaka has assured the government that he will discuss the matter with WB high-ups in Washington on July 23, said a finance ministry official, asking not to be named.
Muhith yesterday told reporters that the Jica chief would go toWashington from Tokyo today and discuss the project's financing with the global lender.
“I wrote to the Jica chief in this regard, and also talked to him over the phone today [yesterday!”.
Asked what the Jica president will discuss with the WB, the finance minister evaded giving a direct reply and said, “You can understand. I have nothing to say about it.”
Muhith, however, said the government wants the WB to
review its decision.
SECONDOPTION
Another option is to implement the project through a new consortium of the ADB, Jica and IDB. Economic Relations Division (ERD) Secretary Iqbal Mahmood last week visited Jeddah and had talks with IDB high officials on the matter.
The ERD secretary told Tuesday's meeting at Muhith's residence that the IDB will continue its financial commitments for the project.
The finance minister made a plan to leave Dhaka yesterday for Japan and also visit the Philippines. But he later postponed the visits. Decision on his visits to the two countries may be taken after the Jica president returns to Japan from Washington.
Muhith told reporters yesterday that the government had already completed talks with the IDB and had been in discussion with the ADB and Jica.
Muhith said if the WB finally does not finance the project, the government will request the other three development partners to continue their financial commitments. And they will decide whether they will finance under the previous framework.
"However, I think the previous framework should do. If the WB finally leaves the project, the ADB may become the
lead donor.”
THIRD OPTION
The government may float fresh tender and the successful bidders will have to finance a part of the project. Chinese companies have expressed their willingness to participate in such bidding, said a finance ministry source.
The finance minister yesterday said if the present donors pull out of the project, the government will look for an alterative source. In that case, the government may not get a credit of $2.3 billion. He, however, did not elaborate.
FOURTH OPTION
The government may construct the bridge with its own resources if all other options don't work.
I Ie, however, said it will be difficult to mobilise foreign currency to implement the project. In that case, the ministries may not get foreign currency according to their demand.
Muhith said it will require Tk 1300 crore in the current fiscal year if the government is to implement the project with its own resources. He said there was already a budgetary allocation of Tk 800 crore for the project and another of Tk 500 crore might be made through budget revision.
Fie said $1.8 billion to $2 billion will be required for the project, and of which, nearly $350 million will be required in the current fiscal year.