Monthly Archives: July 2012

Bangladesh asks World Bank to review cancelled loan

Bangladesh has asked the World Bank to review its decision to cancel a $1.2 billion loan for a major road and rail bridge, saying that a senior minister had resigned over the graft allegations.
The Washington-based lender cancelled financing for the Padma bridge, which would transform the country’s transport network, in June, explaining the government did not cooperate in probing “high-level” corruption in the project.
“Though no evidence has been found… former Communications Minister Syed Abul Hossain has resigned to help the probe, though he claimed his innocence,” Finance Minister A.M.A. Muhith said late Wednesday.
“We’re still hopeful that the World Bank will reconsider the matter,” he said.
Hossain was alleged to have sought a bribe from a Canadian firm bidding for part of the bridge project.
The cancellation embarrassed Prime Minister Sheikh Hasina as the 6.2-kilometre (3.8-mile) bridge was one of her key election pledges.
The World Bank recently said it was “technically possible” to reinstate the loan, but only if its demands were fully met to investigate and remove tainted officials.

Good news!! Discovery of new gas field at Comilla !!

The state-owned Bangladesh Petroleum Exploration and Production Company (Bapex) has announced the discovery of a new gas field at Srikail in Comilla district, an area rich in hydrocarbon deposits. The gas field having a probable reserve of 300 billion cubic … read more

Bangladesh all set to form a strict MLM law !!

Bangladesh all set to form a strict MLM law Millions of Bangladeshis lost their hard-earned money to fraud MLM companies. After massive allegations of cheating people by MLM companies, the Ministry of Commerce, Bangladesh, is all set to form a … read more

Beware of online cheating by MLM companies

Bangladesh Association of Software and Information Services (BASIS) has urged all concerned to be aware of online cheating as a number of MLM (multi-level marketing) companies are alluring the people to earn foreign currency in the name of outsourcing. BASIS … read more

Life on Mars !!

This full-circle scene combines 817 images taken by the panoramic camera (Pancam) on NASA’s Mars Exploration Rover Opportunity. It shows the terrain that surrounded the rover while it was stationary for four months of work during its most recent Martian … read more

Padma bridge project by own fund :Govt to issue $750m sovereign bond for Padma Bridge : PM

Prime Minister Sheikh Hasina said Wednesday Bangladesh will construct the much-talked-about Padma Bridge with its own fund, if necessary, reports UNB. “We’ll go for it with our own fund, if needed,” she informed parliament amid table thumping by MPs. Hasina … read more

Bangladesh Fires Back At World Bank Over Bridge

First, the World Bank cancels a $1.2 billion loan to Bangladesh to build a bridge, citing corruption. Now, Bangladesh’s finance minister is blaming the World Bank itself for irregularities in the project. The World Bank said in a statement Friday … read more