Dhaka Bangladesh Padma bridge Made cost rises to $2.4 bln

Padma bridge cost rises to $2.4 bln: Muhith

Dhaka, Dec 21 —The estimated cost of the Padma bridge has escalated to staggering US$2.4 billion, said finance minister AMA Muhith Monday.

The finance minister said this after an inter-ministerial meeting on the bridge construction held Monday.

"The initially estimated cost of building the bridge was $1.4 billion, which increased to $2.4 billion at the end of today's (Monday) meeting," said Muhith.

The caretaker government had put cost to around $1.4 billion, which later rose to $1.8 billion after a revision, he said.

The present government, immediately coming to power, enhanced the cost at $1.9 billion, which will be implemented with loans from the World Bank, Asian Development Bank and Islamic Development Bank.

Muhith said, "The WB will provide $1.2 billion, the ADB $550 million, IDB $120 million and JICA $300 million. Abu Dhabi Development Group will lend $31 million."

The rest of the fund will be mobilised locally through issuing bonds and other means.

Muhith said the Padma Bridge work order will be hopefully issued in 2010 after fulfilling the tender process.

The bridge construction will be completed during the incumbent government's tenure, which ends in 2013, he hoped.