Padma Bridge loan revival — a good lesson

Topics: World Bank, Development / Pages: 10 (2490 words) / Published: Sep 21st, 2013
VOL 20 NO 157 REGD NO DA 1589 | Dhaka, Saturday, October 20 2012

http://www.thefinancialexpress-bd.com/index.php?ref=MjBfMTBfMjBfMTJfMF8yMl8xNDc1NTE=&feature=c3BlY2lhbHNOZXdz&na=U0FUVVJEQVkgRkVBVFVSRQ==

Padma Bridge loan revival — a good lesson
This is a good lesson for Bangladesh and other corrupt nations that donor agencies have zero tolerance to corruption. It should go for good governance, reform in bureaucracy and transparency in administration. Bangladesh cannot ignore the fund, technical support and advice of donor agencies like World Bank writes M S Siddiqui…………………..

The World Bank (WB) is an international organisation which was established in 1944 to finance the reconstruction of nations devastated by the Second World War. Later on its activities also sprayed to other countries, both developed and developing. The WB has two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The World Bank Group includes International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). It is like a cooperative, where its 187 member countries are shareholders. The shareholders are represented by a Board of Governors, who are the ultimate policy makers at the WB. Generally, the WB is traditionally headed by a citizen of the United States while the IMF is led by a European citizen. The WB is a vital source of financial and technical assistance to developing countries around the world.

WB selected France to be first recipient of aid of US$ 250 million and at the same time two other applications from Poland and Chile were rejected. The Bank had ensured that the French government committed that they would present a balanced budget and give priority of debt repayment to the World Bank over other governments. The staff from the WB would monitor the use of the funds.

Until 1965, the

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