IDB to sign two deals incl. $ 140 million loan for Padma Bridge on May 24
Dhaka, May 20 (UNB) - Islamic Development Bank (IDB) president Dr Ahmad Mohamed Ali will arrive here on Monday morning to witness the signing of an agreement with Bangladesh government under which IDB will provide US$ 140 million for the Padma Multipurpose Bridge Project.
On Tuesday morning, Dr Ahmad Mohamed Ali will meet Finance Minister AMA Muhith at his Secretariat office. Later, both the Finance Minister and the IDB president will witness the signing of two loan agreements including the one for the Padma Bridge.
IDB will provide US$ 140 million to finance the construction of the Padma Multipurpose Bridge with the approach roads and toll plaza.
The government will sign another agreement with the IDB for US$ 14.84 million to finance the water supply and sanitation project in cyclone-prone coastal areas.
Earlier, soon after his arrival here on Monday, the IDB president will fly to Sidr affected Sharankhola upazila in Bagerhat district to lay the foundation stone of a school-cum cyclone shelter to be implemented under the IDB’s grant of US$ 130 million. Dr Ahmad Mohamed Ali will also visit some successful agro-input programme beneficiaries.
Of the US$ 130 million IDB grant, US$ 110 million will be spent for constructing some 440 cyclone shelters-cum- primary schools in the cyclone-prone coastal districts. Another US$ 20 million will be spent for the rehabilitation of agriculture and fisheries in the Sidr-damaged areas.
An anonymous philanthropist donated the US$ 130 million to IDB in January 2008 for the rehabilitation of the cyclone affected people, ERD sources said.
The IDB Board of Executive approved the amount in October last year.
The Jeddah-based bank will spend the money donated by the philanthropist under the `Fael Khair’ programme in the Sidr affected districts.
The catastrophic cyclone Sidr, which ravaged the country's coastal area on November 15 in 2007, killed thousands of people and rendered millions homeless.
Of the estimated cost of US$ 2.97 billion for the country’s longest 6.15 km Padma Bridge project, the government has already signed a US$ 1.12 billion credit agreement with the World Bank on April 28 and another US$ 415 million credit agreement with Japan International Cooperation Agency (JICA) on May 18.
The Padma Bridge wil connect the southwestern region with the rest of the country.
IDB was the first among the co-financiers (Abu Dhabi Fund, ADB, JICA and World Bank) of the Padma Multipurpose Bridge to approve financing for this mega-project that will help to boost the economy of Bangladesh and improve road connectivity in the region.
After passing a busy schedule over two days, Dr Ahmad Mohamed Ali will leave here for Dubai on Tuesday (May 24).
On Tuesday morning, Dr Ahmad Mohamed Ali will meet Finance Minister AMA Muhith at his Secretariat office. Later, both the Finance Minister and the IDB president will witness the signing of two loan agreements including the one for the Padma Bridge.
IDB will provide US$ 140 million to finance the construction of the Padma Multipurpose Bridge with the approach roads and toll plaza.
The government will sign another agreement with the IDB for US$ 14.84 million to finance the water supply and sanitation project in cyclone-prone coastal areas.
Earlier, soon after his arrival here on Monday, the IDB president will fly to Sidr affected Sharankhola upazila in Bagerhat district to lay the foundation stone of a school-cum cyclone shelter to be implemented under the IDB’s grant of US$ 130 million. Dr Ahmad Mohamed Ali will also visit some successful agro-input programme beneficiaries.
Of the US$ 130 million IDB grant, US$ 110 million will be spent for constructing some 440 cyclone shelters-cum- primary schools in the cyclone-prone coastal districts. Another US$ 20 million will be spent for the rehabilitation of agriculture and fisheries in the Sidr-damaged areas.
An anonymous philanthropist donated the US$ 130 million to IDB in January 2008 for the rehabilitation of the cyclone affected people, ERD sources said.
The IDB Board of Executive approved the amount in October last year.
The Jeddah-based bank will spend the money donated by the philanthropist under the `Fael Khair’ programme in the Sidr affected districts.
The catastrophic cyclone Sidr, which ravaged the country's coastal area on November 15 in 2007, killed thousands of people and rendered millions homeless.
Of the estimated cost of US$ 2.97 billion for the country’s longest 6.15 km Padma Bridge project, the government has already signed a US$ 1.12 billion credit agreement with the World Bank on April 28 and another US$ 415 million credit agreement with Japan International Cooperation Agency (JICA) on May 18.
The Padma Bridge wil connect the southwestern region with the rest of the country.
IDB was the first among the co-financiers (Abu Dhabi Fund, ADB, JICA and World Bank) of the Padma Multipurpose Bridge to approve financing for this mega-project that will help to boost the economy of Bangladesh and improve road connectivity in the region.
After passing a busy schedule over two days, Dr Ahmad Mohamed Ali will leave here for Dubai on Tuesday (May 24).
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