Al Amin :
Around 90 per cent of the much-expected Padma Multipurpose Bridge (PMB) have been completed and the bridge is scheduled to be opened by June, if everything goes smoothly.
The primary cost of the bridge was Tk 12,000 crore, but the estimated project cost (as per final design) rose to Tk 30,193.39 crore.
Earlier, the World Bank, largest development partner of Bangladesh, snagged over the Padma Bridge funding alleging huge corruption and decided to stop funding to construct the PMB. Letter, the Bangladesh government decided to construct the bridge from its own fund.
As the bridge is being constructed entirely with the country’s own fund, officials of the Finance Division of the Finance Ministry said, the government has provided Tk 29,893 crore without any foreign aid.
The Bangladesh Bridge Authority (BBA) will have to repay the amount from the commencement of the vehicle movements by collecting toll from it.
The bridge authority recently sent a proposal to the finance division expressing their intention to start payment installments over the two-tier, much complicated and incredibly time-consuming bridge, from next year.
The BBA also wants to break down the Annual Development Programme (ADP) loan worth Tk 2,210 crore which it used to design the bridge.
An official of the Finance Division said when the bridge will be open to traffic, the project will start earning money under various heads such as toll, gas supply pipeline and plying of trains.
According to an estimate by Bangladesh Inland Water Transport Corporation (BIWTC), some 24,000 vehicles will use the bridge every day and it is expected that around Tk 4.50 crore would be collected as toll per day.
BIWTC said, initially some 2,000 vehicles will pass through the bridge, paying a maximum toll of Tk 29 lakh per day.
The bridge is being constructed entirely with government funds. The Finance Ministry provided a loan of Tk 29,893 crore to the Bridge Authority. As per the loan agreement, the bridge authority will have to repay the entire amount including interest to the Finance Division in 35 years from the income of the bridge.
But the toll collection estimation does not match with the reality and the authority fears that loan repayment could not be done within the stipulated time.
The authority said that they may take seven to eight more years to start reimbursement.
Out of the projected 24,000 vehicles that will use the bridge in 2022, trucks will comprise 10,244. The number of buses and light vehicles is 8,238 and 5,472 respectively and if that happen the toll worth Tk 133.66 crore will be collected per month and Tk 1,603 crore per year, officials said.
The BBA said according to the agreement made with the Finance Division, loan of Tk 596.88 crore will have to be repaid in the first year of the commencement of the movement of vehicles. The installment will gradually increase and in some years it will go up to Tk 1,415 per year.
Besides, various other expenses including maintenance and operation of the bridges, river management works, payment of VAT and taxes have to be met from the toll revenue. Md Monjur Hossain, Secretary of the Bridges Division, said the problems of repayment will not be resolved anytime soon.
“Currently, vehicles using ferries get across the river once a day. But, after the opening of the bridge, vehicles may use it multiple times a day, boosting the revenue,” he said.
