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ADB inks Padma Bridge loan deal
2 June 2011: The Asian Development Bank (ADB) is likely to sign a $615 million (2,767.5 crore) loan deal with the Bangladesh Government.
The government has already signed loan deals with three other lenders for getting funds for the country's largest infrastructure, a $2.9 billion (approx Rs 13,050 crore) road-cum-railway bridge scheme. The World Bank has already confirmed $1.2 billion (approx Rs 5,400 crore), the Japanese government $420 million (approx Rs 1,890 crore) and the Jeddah-based Islamic Development Bank (IDB) $140 million (approx Rs 630 crore) for building the 6.15-km bridge.
The Manila-based lender will mobilise $539 million credit from its hard-term lending wing --Ordinary Capital Resources (OCR), with a maturity of 27 years, and a 7-year grace period.
Another $76 million loan from the lender's concessionary wing-- Asian Development Fund (ADF) - will be released providing 32-year repayment period, with an 8-year grace period carrying an annual interest of 1.0 per cent which rises to 1.5 per cent for the rest of the term.
Source: Financial express bd