bdnews24.com :
The Padma Bridge construction is progressing full steam on domestic financing with imported material costing around Tk 25 billion having been paid for already.
Even after settling the import bill, the central bank still has a dollar reserve of around 22b.
The construction work of the six-km bridge over the Padma River has started after remaining stalled for a few years following World Bank funding complications.
Once the country’s dollar reserves crossed the 22 billion mark, Finance Minister AMA Muhith announced that it was just the right time to commence the project work.
“We are starting on our dream project at a time when we have sufficient foreign exchange reserves. The central bank would be in a comfortable position even after settling the project’s import bill,” Muhith told bdnews.com24.
“We want to create history by showing the world that we can build the bridge with our own funds.”
The minister said:
“The Padma Bridge is no longer an unattainable dream. It is now as real as broad daylight. Massive work is on. The bridge will be thrown open for vehicular traffic in 2018.”
The general manager of the Forex Reserve and Treasury Management wing of the Bangladesh Bank, Kazi Chhaidur Rahman, told bdnews24.com that it had paid out $300 million to for the essential purchases of the project.
“Almost entire amount has been arranged by the Agrani Bank, which is providing the foreign exchange for the Padma Bridge project.”
With international oil prices falling almost by half, foreign exchange outflow has been reduced for Bangladesh. Under the circumstances, arranging foreign exchange for the project would not be a problem, feels Saidur.
But he also clarified that the reserve bank was not directly paying the project’s import bills. “The banks concerned buy the foreign exchange from the central bank, which will only coordinates the payments.”
The payment procedure for the project was the same as the one for all other imports, he said.
Project Director Shafukul Islam said soil testing for the main bridge’s piling work was currently on. Alongside, steel fabrication work was being done in China’s Nantong workshop.
The job of placing the test piles would begin in February, and once the workshop is set up within the project area the work of piling and steel fabrication would be done there, he said.
“So far, 15 to 20 percent of the project work had been done,” Shafiqul said.
If all goes according plan, the 6.15km bridge will be thrown open in 2018. It will connect 19 south Bangladesh districts with Dhaka. Trains will also run on the bridge.
The project has been allocated Tk 81 bilion in the 2014-15 financial year.
Even after settling the import bill, the central bank still has a dollar reserve of around 22b.
The construction work of the six-km bridge over the Padma River has started after remaining stalled for a few years following World Bank funding complications.
Once the country’s dollar reserves crossed the 22 billion mark, Finance Minister AMA Muhith announced that it was just the right time to commence the project work.
“We are starting on our dream project at a time when we have sufficient foreign exchange reserves. The central bank would be in a comfortable position even after settling the project’s import bill,” Muhith told bdnews.com24.
“We want to create history by showing the world that we can build the bridge with our own funds.”
The minister said:
“The Padma Bridge is no longer an unattainable dream. It is now as real as broad daylight. Massive work is on. The bridge will be thrown open for vehicular traffic in 2018.”
The general manager of the Forex Reserve and Treasury Management wing of the Bangladesh Bank, Kazi Chhaidur Rahman, told bdnews24.com that it had paid out $300 million to for the essential purchases of the project.
“Almost entire amount has been arranged by the Agrani Bank, which is providing the foreign exchange for the Padma Bridge project.”
With international oil prices falling almost by half, foreign exchange outflow has been reduced for Bangladesh. Under the circumstances, arranging foreign exchange for the project would not be a problem, feels Saidur.
But he also clarified that the reserve bank was not directly paying the project’s import bills. “The banks concerned buy the foreign exchange from the central bank, which will only coordinates the payments.”
The payment procedure for the project was the same as the one for all other imports, he said.
Project Director Shafukul Islam said soil testing for the main bridge’s piling work was currently on. Alongside, steel fabrication work was being done in China’s Nantong workshop.
The job of placing the test piles would begin in February, and once the workshop is set up within the project area the work of piling and steel fabrication would be done there, he said.
“So far, 15 to 20 percent of the project work had been done,” Shafiqul said.
If all goes according plan, the 6.15km bridge will be thrown open in 2018. It will connect 19 south Bangladesh districts with Dhaka. Trains will also run on the bridge.
The project has been allocated Tk 81 bilion in the 2014-15 financial year.
