The Financial Express

ADB willing to finance second Padma Bridge

| Updated: March 01, 2018 12:10:05

ADB willing to finance second Padma Bridge

The Asian Development Bank (ADB) is interested in financing a second Padma Bridge as well as other large-scale infrastructure projects if Bangladesh wants.

ADB President Takehiko Nakao made the disclosure at a media briefing in the city on Wednesday.

“Finance minister of Bangladesh has asked to assist in the second Padma Bridge during our meeting on Tuesday. We are ready to invest and will definitely consider formal proposals from Bangladesh on it,” he told the media.

The Manila-based lender will also assist the feasibility study for the project, reports bdnews24.com.

Nakao said the ADB has pledged an assistance of $8.0 billion for the period of 2016-20, up 60 per cent from the $5.0 billion in 2011-15.

“To support government efforts, ADB will provide additional resources depending upon need, performance of ongoing projects, and readiness of new projects,” he said adding they are even ready to invest in the 10 mega projects implemented by Bangladesh Government.

Nakao said they are ‘committed’ to supporting infrastructure development in the energy, transport and urban sectors to promote private investment and attract FDIs.

Replying to a query, the ADB chief said they are ready to assist Bangladesh on the plight of Rohingyas from Myanmar.

Asked whether Bangladesh can graduate to developed nation by 2041 as the prime minister has declared, Nakao said it’s ‘not impossible, but very tough’.

“A constant GDP growth of over 10 per cent and a per capita income of $12,000 is the prerequisite for a developed nation. A huge amount of investment, both local and foreign, will be needed.”

He, however, said Bangladesh was on track to continue its growth momentum and lauded the government for sound management of economy. “Accelerating GDP growth through higher investment in manufacturing and key infrastructure is the right strategy.”

The ADB boss underscored improving investment climate, better revenue mobilisation and prudent macroeconomic management for sustaining the progress.


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