The Islamic Development Bank (IDB) will continue its funding support for the Padma bridge project even though the World Bank and ADB had withdrawn from the project alleging corruption in the process of project implementation.
"We would like to go slow like another lender of the project Japan International Cooperation Agency," said a senior IDB official posted at its Dhaka office.
The Jeddah-based IDB is committed to provide $140 million for the $2.9-billion Padma bridge project. IDB's announcement came a day after JICA announced to continue its funding for the project. Japan's JICA has promised to give $400 million for the project.
"IDB is not going to cancel its deal right now. The bank wants to give more time to the government of Bangladesh," said the IDB official.
"The bank is even eager to go for a new deal over implementation of the project if the existing deal does not finally work out," he added.
The main financier of the project, the World Bank, cancelled its $1.2-billion fund commitment on Friday. ADB, which had pledged to contribute $610 million to the project, also hinted following the same path.
"We would like to go slow like another lender of the project Japan International Cooperation Agency," said a senior IDB official posted at its Dhaka office.
The Jeddah-based IDB is committed to provide $140 million for the $2.9-billion Padma bridge project. IDB's announcement came a day after JICA announced to continue its funding for the project. Japan's JICA has promised to give $400 million for the project.
"IDB is not going to cancel its deal right now. The bank wants to give more time to the government of Bangladesh," said the IDB official.
"The bank is even eager to go for a new deal over implementation of the project if the existing deal does not finally work out," he added.
The main financier of the project, the World Bank, cancelled its $1.2-billion fund commitment on Friday. ADB, which had pledged to contribute $610 million to the project, also hinted following the same path.
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