World Bank shows positive signal on Padma Bridge Loan

The World Bank (WB) is going to revive its $1.2 billion loan for the Padma bridge project, an Economic Relations Division source said on Thursday.

"We receive the positive signal of the WB early today," the ERD source told media seeking anonymity.

The main financer of the project gave the positive signal after the government sent the leave letter of prime minister's Economic Affairs Adviser Mashiur Rahman to the WB Wednesday night, the source added.

The Washington-based lender's Dhaka office said that an official announcement was expected later in the day.

"We are working on a press release. Hopefully, we can give it to you officially by the afternoon or night," the Dhaka office's Communications Officer Meherin Mahbub told media.

The WB had cancelled its $1.2 billion credit for the Padma bridge project on June 29, saying it had proof of a corruption conspiracy involving Bangladeshi officials, executives of a Canadian firm and private individuals.

Earlier on Wednesday night, the final negotiations between Bangladesh and the WB started at the global lender's Washington headquarters. The Prime Minister's Foreign Affair Adviser, Gowher Rizvi, and a few other high officials joined the talks.

About the meeting, it has been learnt from the information available in Dhaka that the WB strongly seeks an approved leave letter of Mashiur for the revival of the loan deal. The WB does not agree with any other alternative proposals.