World Bank cancels financial help for Bangladesh project

DHAKA: The World Bank announced the cancellation of its $1.2-billion financial assistance to the Padma Bridge project in Bangladesh with immediate effect due to corruption in the programme. World Bank has stated that the government has not been able to take any action to control corruption despite receiving repeated reminder.

A statement from World Bank said, “In light of the inadequate response by the Government of Bangladesh, the World Bank has decided to cancel its $1.2-billion (International Development Association) credit in support of the Padma Multipurpose Bridge project, effective immediately. The World Bank cannot, should not, and will not turn a blind eye to evidence of corruption. We have both an ethical obligation and a fiduciary responsibility to our shareholders and IDA donor countries. It is our responsibility to make sure IDA resources are used for their intended purposes.”

It also said that it has got sufficient evidence from different sources which points to high-level corruption conspiracy.
The six-km long Padma Bridge is a multipurpose road-rail bridge across the Padma River would have link the country’s underdeveloped south with the capital and also the main port of Chittagong.