| No loan for biggest Bangladesh bridge |
WASHINGTON The World Bank (WB) late on Friday cancelled a $1.2 billion loan for Bangladesh’s Padma bridge project, saying the government had not cooperated in investigating “high level” corruption in the project.
“The World Bank cannot, should not, and will not turn a blind eye to evidence of corruption,” it said, announcing the loan was being cancelled immediately.
Bangladesh called the decision “a bolt from the blue”.
Bangladesh Communications Minister Obaidul Quader said the Washington-based bank had scrapped the credit deal based on allegations “which do not necessarily mean that corruption charges have been confirmed”.
“It is unfortunate, regrettable — and mysterious,” the minister said, adding that the lender’s decision came at a time when the country’s anti-graft agency was investigating the allegations. “It’s like a bolt from the blue,” he said.
The proposed 6.2km bridge over the Padma river — the local name for the Ganges — will connect the capital Dhaka to the country’s coastal districts.
The $3 billion bridge, planned to go into service in 2014, is designed to carry a highway and rail line and is aimed at transforming the country’s impoverished south.
Agencies
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