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Padma Loan Deal Revival

Govt hails WB

2 missions arrive shortly to assist probe, prepare project implementation schedule

Staff Correspondent
The government yesterday welcomed the World Bank decision to re-engage in the Padma bridge financing along with ADB, JicaandIDB.
Economic Relations Division Secretary Iqbal Mahmud, at a press briefing, conveyed Dhaka's official reaction to the global lender's return to the project.
He added that two missions of WB, Asian Development Bank (ADB) and Japan International Cooperation Agency
(Jica) were due to arrive here shortly.
One will finalise the modalities and schedule of the new arrangement for the project implementation while another will cooperate with the Anti-Corruption Commission probe into the allegations of project graft.
"The decision of the World Bank to come back as one of the co-financiers will bring promising results and a favourable outcome for the citizens of Bangladesh,” the ERD secretary said.
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The much-desired bridge construction became uncertain after the WB cancelled its $12 billion loan deal for the project on June 29 this year over corruption allegations. The fund was suspended in September last year.
The government launched massive diplomatic efforts to revive the fund and last week sent the Prime Minister's Foreign Affairs Adviser Gowher Rizvi for final talks with the WB high-ups in Washington.
On Friday, the Bank through a statement stepped back from its earlier decision, saying Dhaka had fulfilled all its conditions.
Yesterday, the ERD secretary, responding to repeated questions from journalists, said there was no other condition that the govern-menthad to meet.
He said the Bank had not only decided to re-engage in its commitment of providing the $1.2 billion fund but also at its September 20 board meeting approved another $527 million for several other development projects in Bangladesh.
Asked whether there was any need for a new agreement, the secretary evaded a direct reply.
“It is very simple. It is sure they [financiers] are going to finance [the project]. The Padma bridge is an ongoing project and there is no question of their coming in anew,” he said.
Responding to another question on whether the work would startfrom where it stopped last year or a new bidding would be required, Iqbal said, “It has not stopped."
Finance minister AMA Muhith was scheduled to pass on the government's formal reaction but the decision was changed.
Iqbal Mahmud did the job at the hurriedly called press briefing at the audito-rium of the National Economic Council (NEC) yesterday afternoon.
The secretary also praised the countries which played important roles in bringing backtheWB to the project.
In a written statement, he said, “The Government of Bangladesh also acknowl-
edge with profound gratitude the constructive role of the Governments of Japan, USA, India, UK and China in facilitating the financing of the Padma project by theWorld Bank.”
He added the finance minister had felicitated the World Bank president on the latter's bold and visionary decision to partner the country's largest infrastructure project.
“The Bank's decision to re-engage was the result of twelve-month efforts to convince them of the government's commitment to combat allegations of corruption in cooperation with them but consisten t with the laws of the country and to set up a streamlined process for a transparent, efficient and prompt modality for the construction of the Bridge," Iqbal also said.
The government looks forward to working closely with co-financiers in pursuing the investigation of corruption allegations and expediting the implementation of the Padma project.
He told newsmen, “The officials of the World Bank, ADB and Jica from Washington DC, Manila and Tokyo will shortly arrive in Dhaka to work out the modalities of cooperation in investigation on the one hand and on the other to agree on the modalities and schedule of project implementation."
A couple of weeks might be required for the officials to arrive in Dhaka, he said.
Asked whether PM's Economic Affairs Adviser Mashiur Rahman had gone on leave as per the WB condition, the secretary said, "Listen! If this condition were not fulfilled, I repeat, if this condition were not fulfilled, there would be no question of the World Bank coming back to the project."
Another question lobbed at the secretary was on whether the project implementation and probe into the graft allegation would go on in parallel manner or remain separate, Iqbal Mahmud said, “This is a tricky question. It will be firmed up ... Normally investigation and implementation remain delinked. We