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+--- Thread: World Bank cancels $1.2 billion Bangladesh loan (/thread-6354.html)
World Bank cancels $1.2 billion Bangladesh loan - chairman - 06-30-2012
The World Bank canceled a $1.2 billion loan for a Bangladesh bridge over allegations of corruption. The bank said it has evidence of “a high level corruption conspiracy†in Bangladesh’s government.
Re: World Bank cancels $1.2 billion Bangladesh loan - chairman - 06-30-2012
The World Bank has canceled a $1.2 billion loan for construction of a bridge in Bangladesh, saying it has credible evidence of corruption involving a Canadian engineering company.
The global lending agency said it did not receive a satisfactory response from the Bangladesh government after it raised the issue of corruption last year.
It said in a statement Friday that it has evidence pointing to "a high-level corruption conspiracy" among Bangladesh government officials, executives of Canadian engineering and construction giant SNC-Lavalin, and private individuals in connection with the planned 6.5-kilometer (4-mile) Padma Multipurpose Bridge Project.
Re: World Bank cancels $1.2 billion Bangladesh loan - Kwami - 06-30-2012
The money is needed for countries with no corruption like Greece
Re: World Bank cancels $1.2 billion Bangladesh loan - chairman - 06-30-2012
Bangladesh Communications Minister Obaidul Quader called the World Bank's decision regrettable because the government's Anti-Corruption Commission was still investigating the allegations.
"Such a decision is unfortunate before the investigation is complete," he told reporters Saturday.
The bank said it earlier sent a team to Dhaka to explain its position and receive the government's response.
"The response has been unsatisfactory," it said.
The bank "cannot, should not, and will not turn a blind eye to evidence of corruption," it said.
Re: World Bank cancels $1.2 billion Bangladesh loan - chairman - 06-30-2012
Montreal-based SNC-Lavalin, one of the world's largest engineering and construction companies, has acknowledged making improper payments to agents to win contracts on two projects. An internal probe resulted in the resignation of its CEO and two other senior executives. The company's headquarters was searched by Canadian national police in April.
Bangladesh has been rated one of the world's most corrupt nations by Berlin-based Transparency International.
The World Bank loan, signed In April last year, was part of a funding package for construction of the $2.9 billion bridge, slated to be the country's longest.
Funding also was expected from the Asian Development Bank, the Japan International Cooperation Agency and the Islamic Development Bank.
The World Bank first brought the corruption allegations in October last year.
Re: World Bank cancels $1.2 billion Bangladesh loan - ChristianOlsen - 07-01-2012
This is how our country(Bangladesh) politician can be evaluated. They don't think about the nation rather than their Pocket. This is so much disgrace & yet the Government & Anti Corruption Commission Bangladesh saying that there were no Corruption despite of World Bank Complain.
Where we are headed ?
Re: World Bank cancels $1.2 billion Bangladesh loan - chairman - 07-01-2012
The bengalis must stand up