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World Bank cancels credit for Bangladesh's mega bridge project | | World Bank Friday has decided to cancel its 1.2 billion U.S. dollar credit for
Bangladesh's Padma Multipurpose Bridge project, said a statement of WB received
here Saturday in Dhaka. "In light of the inadequate response by the Government
of Bangladesh, the World Bank has decided to cancel its 1.2 billion U. S. dollar
IDA credit in support of the Padma Multipurpose Bridge project, effective immediately,"
said the statement. WB has credible evidence corroborated by a variety of sources
which points to a high-level corruption conspiracy among Bangladeshi government
officials, Canadian company SNC Lavalin executives and private individuals in
connection with the Padma Project, The Washington-based lender claimed in the
statement. Moreover, WB had sent a high-level team to Dhaka to fully explain the
Bank's position and receive the government's response, but the response has been
unsatisfactory, said WB. The bridge project ran into trouble after the Washington-based
lender suspended its 1.2-billion U.S. dollar loan to the Bangladeshi government
in October last year over the alleged graft.
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