WB Loan Cancellation
Govt will question procedure
Says Dipu Moni
Bangladesh will raise question about the World Bank's procedure in canceling the loan commitment for Padma bridge project, said Foreign Minister Dipu Moni yesterday.
“As a sovereign state, we have the right to raise questions as they have. We will also raise question in the proper place and at the proper time about the procedure,” she said.
She was addressing a view exchange meeting organised by the newly formed Indian Media Correspondents Association in Bangladesh at Jatiya Press Club in the capital.
The foreign minister said the allegation of the World Bank was not substantiated by any credible evidence and the decision to cancel the Padma bridge funding was not taken through due process. “We are aggrieved by the decision. The tenure of the credit agreement was scheduled to end later, but the deadline was brought closer and the agreement was cancelled,” she said.
Dipu Moni, however, said there is no reason to damage Bangladesh's relationship with the World Bank just for canceling funding for one project.
“If they don't fund it, we will arrange alternative funding,” she said, adding that Bangladesh will construct the Padma bridge with its own fund, but the door is open for international development partners.
Japan is positive about financing the project under a new framework and it would be easier for the Bangladesh government if Japan stands by it, she said.
She said she does not think that Bangladesh's image has been tarnished after the World Bank cancelled the $1.2 billion credit line for the Padma bridge project on corruption charges.
Asian Development Bank said it would also be unable to release fund for the project due to the joint nature of co-financing.
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