Monday, August 27, 2012 Malaysia has submitted the final proposal on financing the construction of the Padma Multipurpose Bridge.Dato Seri S Samy Velu, the Malaysian prime minister's special envoy to India and South Asia, on Monday handed over the proposal to Communications Minister Obaidul Quader.
"This is the final proposal of Malaysia about the Padma bridge project," Quader told newsmen after receiving the proposal at the Setu Bhaban in the capital.
The proposal now will go to the technical committee for discussions on every detail and then the government's high-ups will take the decision about the proposal, he added.
Malaysia had earlier submitted four proposals which were incomplete and full of inconsistencies.
The World Bank in September last year suspended its promised $1.2 billion loan for the country's biggest infrastructure scheme, bringing graft allegations centring on the project.
The construction of the 6.15km bridge became uncertain after the global lender in June this year cancelled its loan agreement on the ground that not all its conditions had been met.
But as government efforts still continue to have the WB loan cancellation reviewed, officials of the communications ministry and Bridges Division find it confusing why Kuala Lumpur is coming up with the offer at this time.
Many local experts say it is time the government took the final decision about the project. They also say the Malaysian offer will prove very costly.
In January, Malaysia formally proposed financing the $2.97 billion project. It was supposed to place full details of financial and construction issues within a couple of months.
Government sources said the offer was then supported by many and Hasina herself supported it as she was not happy with the World Bank over the loan suspension.
On August 5, a delegation led by the Malaysian prime minister's special envoy to India and South Asia handed over the fourth proposal to Obaidul Quader.
It had many shortcomings and the delegation was asked to submit a complete proposal in three weeks.
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