Tag Archives: Padma multipurpose bridge project

World Bank yanks funds for Bangladesh bridge over corruption

World Bank yanks funds for Bangladesh bridge over corruption

 Stabroek staff –  June 30, 2012

WASHINGTON, (Reuters) – The World Bank yesterday canceled a US$1.2 billion credit for a Bangladesh bridge project with immediate effect, saying it had “credible evidence” of a high-level corruption conspiracy among Bangladeshi government officials.

“In light of the inadequate response by the government of Bangladesh, the World Bank has decided to cancel its $1.2 billion … credit in support of the Padma multipurpose bridge project, effective immediately,” the World Bank said in a statement.

The Washington-based development institution said it had provided evidence of  from two investigations into the Padma bridge project to Bangladesh’s prime minister and other senior government officials in an effort to press for action.     Continue reading

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