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Padma Bridge Funding

ADB, Jica may wait further

Extension of loan effectuation date likely for a month

Rejaul Karim Byron
ADB and Jica may extend the loan effectuation date by a month and see what else the government does to deal with the World Bank's corruption allegations in the Padma bridge project.
The finance ministry last week wrote to both the Asian Development Bank and Japan International Cooperation Agency informing them about the government's recent moves on the corruption allegations. It requested FROM PAGEl
the project's co-financiers to extend the loan effectuation date that expires tomorrow.
The development partners have been considering extending the deadline following some recent developments including the resignation of a key minister allegedly involved in corruption in the project, said officials of the two donor agencies.
The two co-financiers may inform the government about their decisions tomorrow, they said.
An extension of loan effectuation deadline may come following the government's recent steps that have revived hopes of a positive breakthrough in negotiation between the WB and the government over the project's financing.
However, like the WB, both ADB and Jica voiced their concern over the corruption allegations in the project.
ADB and Jica extended the loan effectuation deadline thrice since the WB temporarily suspended the funding in August last year.
The global lender on June 29 finally cancelled its $1.2 billion funding of the $2.9 billion project upon the government's reluctance to meet two of its four conditions.
According to the cofinancing arrangement led by the WB, the financial commitments from ADB and Jica were to become void following the WB's loan cancellation.
But neither ADB nor Jica has yet informed the government about their decisions on the matter, said a finance ministry official on condition of anonymity.
Following the WB's loan cancellation, ADB in a statement said the lender understands and respects the reasons that had led the Washington-based lender to take the decision.
It said ADB and the WB follow similar procedures on governance and fiduciary oversight.
The government last week said the Anti-Corruption Commission would investigate the WB's corruption allegations in line with the Bank's proposals.
Abul Hossain, former communications minister, stood down as ICT minister, paving the way for the government to revive the financial arrangements with the WB.
The government has not yet issued gazette notification on Abul's resignation even more than a week after the minister stood down.
Though Abul resigned and a former secretary was sent on leave for alleged involvement in corruption, the government has yet to decide on another individual who is on the WB's suspect list. The person in question enjoys the status of a minister, a finance ministry official said.
The official said the WB, ADB and Jica share the same views on the corruption allegations, hinting that the agencies clarified their stance to the government.
If the government does not completely fulfil the WB's conditions, the possibility of the other donor agencies financing the project is very thin, said theofficial.
The government has sought a review of the WB's loan cancellation but it has not yet made any formal proposal to the global lender, added the official.
He said ADB and Jica may extend the loan effectuation date and see whether the WB reconsiders its decision to