Padma Bridge: ‘Made in Bangladesh’ Model

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Dr Matiur Rahman :
Since the Awami League-led grand alliance government came to power in 2009, it has taken up several development projects along with some mega projects. Notable among these is the ‘Padma Bridge Construction’ project. It was portrayed as a dream for Bangladeshis. And the embodiment of this dream was the Prime Minister Sheikh Hasina, daughter of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
When the World Bank canceled the loan agreement for the Padma Bridge on June 29, 2012 and other donors withdrew due to allegations of so-called corruption, she expressed her determination to build the Padma Bridge with domestic funds.
It is undeniable that the Padma Bridge of today’s reality is the absolute embodiment of the firm attitude of the Hon’ble Prime Minister Sheikh Hasina. Ordinary people, like us, do not know on what basis she was able to make such an unprecedented decision.
However, right after the declaration of constructing Padma Bridge with own finance by the Prime Minister, we saw that a selfless student of Bangabandhu’s philosophy of human development, renowned researcher Professor Abul Barkat, published an in-depth analytical and practical research paper on Padma Bridge which aroused a great response among the ordinary people at that time. The title of the major research paper was ”Nijossho Orthaone Padma Shetu – Jatiyo Oikkyo Sristir Shrestho Sujog” (Padma Bridge with Own Finance: A Great Opportunity for National Unity).
The research paper was presented by Abul Barkat as the main article in the national seminar titled “Nijossho Orthaone Padma Shetu (Padma Bridge with Own Finance) organized by Bangladesh Economic Association (BEA) on 19 July 2012. In this research paper, he mentioned, “The cancellation of the Padma Bridge loan agreement by the World Bank is unethical and a great injustice, but it is a great blessing for Bangladesh. He showed by detailed calculations that if there is political wisdom and goodwill, it is possible to build Padma Bridge with own funds; not only one but four. After the presentation of this research paper, many wise and learned people from home and abroad sharply criticized him.
At that time (in 2012), the article was published as a booklet, which was published for the second time in 2021, adding a new chapter. In the ‘Acknowledgement’ section of this book, Professor Barkat has highlighted the context, reality and necessity of the research on the construction of the Padma Bridge with domestic funds. He mentioned, “Bangladesh Awami League was the absolute winner in the parliamentary election of Bangladesh in December 2009. The election manifesto of the Bangladesh Awami League played a vital role in this victory. The process of preparing this manifesto, titled ‘Din Bodoler Sanad’ (Charter of Change), started in 2006-07. I was involved in this process of preparation of the Manifesto. At that time, four issues were the most important in my political-economic thinking – 1. Inequality – poverty in the country must be eliminated – as soon as possible, II. The state must take responsibility for the education and health care of the people – in accordance with the provisions of the constitution, 3. Ensure decent work and housing for the people, and 4. For the purpose of development, it is necessary to plan and implement large-scale infrastructural projects by respecting the power of nature, by involving a large number of people at domestic expense.
And it is for these reasons that global capitalism-imperialism-corporate tyranny and the ‘skilled agents’ of this tyranny – the World Bank, the International Monetary Fund (IMF) and the World Trade Organization – the country must be free from the shackles of many unfavorable and long-term conditional debt traps – economic-social-cultural-political activities must be conducted with dedication and foresight. Without any loan from the World Bank and without any precaution, this equation of development of Padma Bridge on the country’s resources was widely accepted in the country. And this public opinion was reflected in 2011-12, when the question of construction of Padma Bridge with its own funds came up. That is why when it comes to ‘building the Padma Bridge with own funds’, the first thing to do is to express unconditional gratitude to the ordinary people of this country.
At a time when there was a heated debate in the country about the possibility of construction of Padma Bridge, on 19 July 2012, the BEA organized a national seminar titled ‘Padma Bridge with Own Finance’. As the sole speaker at that seminar, for the first time, I presented a thirty-nine-page printed document with all kinds of accounts, including related technical issues, in the presence of almost all the media in the country, entitled “Nijossho Orthaone Padma Shetu- Jatiyo Oikkyo Sristir Shrestho Sujog” (Padma Bridge with Own Finance: A Great Opportunity for National Unity).
In that study, I mentioned that the construction of the Padma Bridge is no longer limited to the demands of any particular political party, it has been transformed into a public aspiration. The cancellation of the Padma Bridge loan agreement by the World Bank is unethical and a great injustice, but it is a blessing in disguise for Bangladesh. The economy of Bangladesh in 1972-73 and the economy of 2012 are not the same. Now our economy is many times stronger. People are many times more self-reliant. Now is the best time to build and consolidate all-ready national unity by accepting many sacrifices of the people for the construction of the Padma Bridge.
Since the construction of Padma Bridge in the next 4 years will cost approximately 24 thousand crore Takas, at the same time, the potential funding from 14 different sources could be 98,625 crore, so the construction of the Padma Bridge can be started as planned at this moment. Special emphasis should be placed on non-interest-bearing sources of funding-A total of 49,150 crore takas could be derived from these sources. That is equal to the cost of construction of two Padma bridges. At the same time, emphasis should be laid on self-financed foreign exchange earning sectors; In this case, the following is to be done: Increase the foreign exchange reserves; Bring remittances from expatriates to banking channels at a higher rate; To encourage expatriates and foreigners to invest in Padma Shetu Bonds (8 to 30 years), Sovereign Bonds and Padma Shetu IPOs; To increase export earnings by productively investing the surplus money (a total of Tk. 74,225 crore in 4 years); Collecting low-interest long-term loans on easy terms from foreign investors, including development partners, and increasing grants at the individual-institutional level, by increasing the effectiveness of economic diplomacy.
Things to do should be seriously considered -1. The Padma Bridge Integrity Committee, chaired by the Prime Minister, will consist of three high-powered committees, the highest policy-making and implementation coordination committee, and will be accompanied by the Finance-Finance Committee and the Technical-Technology Committee. 2. By forming ‘Padma Bridge Public Limited Company’ through IPO in the market, 3. Taking steps to set up industries for the production of construction materials (machinery, parts, raw materials) for large infrastructure, including the Padma Bridge, 4. Maintain a live-realtime website on an urgent basis and regular consultation of concerned experts (stationed at home and abroad) in preparation and maintenance of updated list, 5. To build an organization inspired by the spirit of ‘Friends of Padma Bridge, Bangladesh’ in different countries of the world, 6. Strengthen the relevant publicity system, including public awareness activities. Construction costs will rise within 30 years of the construction of the Padma Bridge. Since there will be no deficit from the 10th year, there will be no need to allocate more for the Padma Bridge in the annual development program; The net cash flow will exceed Tk. 10,000 crore in the 40th year of the bridge, and it will exceed Tk. 2 lakh crore in the 100th year; Improved connectivity will radically change the economy as a whole (not just the south-southwest). Therefore, the construction of the Padma Bridge with its own funds may be the world-famous ‘Made in Bangladesh’ model of the development movement”.
It can be said that Padma Bridge is a shining example in this country’s history of political and economic development. Its economic importance is immense. This bridge will serve as a link in the transformation of Bangladesh into a developed country and in enhancing national unity. In this case, the research work of Professor Abul Barkat on “Padma Bridge with own finance: A great opportunity for National Unity” seems to have played a significant role.
Despite all the conspiracies at home and abroad, proving the criticism of the insidious groups and ignoring the slanting remarks-the Padma Bridge is a visible reality today. The golden harvest of the infinite courage and firm conviction of the Prime Minister, the worthy daughter of Bangabandhu Sheikh Mujibur Rahman, the pride and arrogance of 1.7 million Bangladeshis, Padma Bridge is going to be inaugurated today. The ordinary people of the country are now eagerly waiting for the journey to cross this bridge built on the mighty river Padma with their money.

(The writer is a researcher and development worker).

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