ADB also withdraws loan for Padma bridge

Asian Development Bank, a co-financer of World Bank, in a statement on Monday said it will not fund for the Padma bridge project.

"ADB understands and respects the reasons that have led the WB to its decision. ADB and the WB follow similar policies, rules and procedures on governance and fiduciary oversight," the statement said.

"However, given the importance of the project to the country and the region, ADB also deeply regrets that both parties were unable to reach a workable agreement to move the operation forward," the statement added.

It also said the ADB had earlier been informed by the WB of its decision to withdraw its financing from the Padma bridge project.

The ADB also termed Padma as a landmark project for Bangladesh and the region and said, "The World Bank is the lead financier and arranger, working alongside the Asian Development Bank, Japan International Cooperation Agency and Islamic Development Bank."

ADB has a longstanding relationship with the government of Bangladesh and its people and reiterates its commitment to their long term development needs, the statement added.

News Source: 
The Daily Star