Malaysian proposal for Padma Bridge – disaster waiting to happen
Since corruption evidence came to light on nationally important Padma bridge project, Awami League regime had jumped on questionable funding source paddled by even more corrupt person. It is important to know that now inflated $2.9 billion project is estimated to include additional 1.2% of GDP growth. That is how much this project is important to national economy and south western region of Bangladesh.
Samy vellu an indian origin Malaysian has his own track record of corruption, is pushing Padma bridge proposal now dubbed as “Malaysian proposal”. This so called “Malaysian proposal” has following outrageous terms that will enslave Bangladeshis for half a century to service Awami League and Samy vellu joint venture of wholesale looting.
1) Malaysia wants to own, operate and collect toll from Padma bridge for 50 years.
2) Malaysia wants each truck to pay US$16 toll and double the toll to $32 by 2030.
3) Malaysia wants car toll be $10 dollar and increases gradually.
4) Malaysia wants bus toll be around $20 increase gradually.
5) Malaysia wants guarantee of subsidy in the event of lower-than-expected earnings (below quarterly forecasted traffic flow for 25 years).
6) Malaysia wants duty-free import of construction materials.
7) Malaysia wants tax holiday.
8) Malaysia wants immunity from laws concerned with environmental and human rights issues.
9) Bangladesh liability could reach a maximum of $11.9 billion as the consortium would borrow at three per cent interest rate from the international money market for the bridge.
10) Bangladesh cannot build any other bridge over Padma river.
Each truck to pay $16 as toll to cross Padma Bridge initially
Each truck will have to pay US$16 as toll to cross the proposed Padma Bridge in the initial years and almost double in 2030 as per condition of a Malaysian consortium willing to take up the mega infrastructure project.
The consortium which submitted an initial proposal last February projected that the toll for a car will be $10 dollar and a bus around $20 in the initial years.
The toll rates which will be increased gradually over the next fifty years have been calculated on the basis of joint study by AECOM, a consultant for the Padma Bridge project, and the
New Age | Newspaper
Dhaka, KL sign MoU on Padma Bridge
The consortium wanted the right to collect toll for 50 years.
It wanted a guarantee of subsidy in the event of lower-than-expected earnings, quarterly forecast on traffic flow for 25 years, duty-free import of construction materials, tax holiday and immunity from laws concerned with environmental and human rights issues.
Experts fear the arrangement might prove costly requiring Bangladesh to shoulder a debt liability of $10 billion for half a century.
They said the liability could reach a maximum of $11.9 billion as the consortium would borrow at three per cent interest rate from the international money market for the bridge.
New Age | Newspaper