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Bangladesh Pulls World Bank Funding Request on Padma Bridge - Corruption Currents - WSJ

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Bangladesh withdrew its request for World Bank funding on a bridge project, the bank said.

Padma Bridge, a $1.2 billion partly bank-funded project that would link Bangladesh’s underdeveloped south with the capital, Dhaka, and the country’s main port, Chittagong, has been marred by corruption problems that led the World Bank to freeze its loan and demand preconditions for reinstatement.

“The World Bank has taken note of the government’s decision of not seeking renewed World Bank financing for the Padma Bridge, and it encourages the Anti-Corruption Commission to complete a full and fair investigation of the corruption allegations,” the bank said in a statement.

The statement said Bangladesh informed the World Bank of its decision on Thursday, but said the country intended to continue its investigation of corruption allegations.