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🌉 পদ্মা সেতু drawing
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Padma Bridge is being built with Bangladesh's own funding. It is spending 30 thousand 193 crores. However, Bangladesh Bridge Authority (BBA) is benefiting from this. Because the finance department is giving almost the entire construction cost as a loan to the bridge authority. The bridge department will return this amount in 35 years with one percent interest. As a result, BBA will have to pull the debt burden till 2057. And the toll rate of the bridge has also been considered high to repay this loan.
Meanwhile, the Asian Development Bank (ADB) provided a loan for the design of the Padma Bridge. BBA has to repay this loan in 30 years with two percent interest. The burden of this debt has to be pulled till the year 2037.
Recently, a meeting was held in the capital's Setu Bhavan to review the Padma Setu loan, interest rate, number of installments, etc. It was informed that according to the agreement, the loan installments of the Padma bridge were to be paid from the current financial year. However, the construction of Padma Bridge was delayed by a year due to Covid. Therefore, on the basis of mutual agreement, the deadline for the commencement of loan repayment of the finance department is also delayed by one year. The bridge will be inaugurated next June. And from the next (2022-23) financial year, the loan repayment of the bridge will be started. This loan has to be paid up to the financial year 2056-57.
According to information, the cost of the Padma Bridge project currently stands at Tk 30 thousand 193 crores 38 lahks. Out of this, 300 crore rupees have been donated. The remaining 29 thousand 893 crores 38 lakh taka has been given as a loan by the finance department. The bridge authority and finance department signed an agreement on August 29, 2019, to repay the loan.
According to the loan agreement, the finance department's loan will be repaid in 35 years from the next financial year. And the interest actually has to be paid about 36 thousand 403 crores. According to the loan repayment schedule, approximately 826 crores to a maximum of 1475 crores will be repaid every financial year. The loan will be repaid in a total of 140 installments over four years and 35 years quarterly. In this case, the interest is calculated on the loan balance after each installment. Apart from this, if the bridge authorities want, they can also pay the money in advance with interest. However, in case of failure to pay an installment due to any reason, it shall be paid along with the next installment in arrears.
The detailed design study report of the project proposed to double the toll rate of the Padma Bridge to the ferry charges. But in terms of reality, the toll rate of the bridge has been fixed at one and a half times of the current charge for various vehicles crossing the ferry at Mawa ferry ghat.
Meanwhile, an agreement was signed with the Asian Development Bank (ADB) on July 10, 2008, to design the Padma Bridge. Under this, the company gives a loan of 1 crore 11 lakh 79 thousand SDR (Special Drawing Rights) or about 100 crore rupees. The interest rate on this loan was six percent. The grace period of this 20-year loan was 5 years.
Later the design cost of the Padma Bridge increased. In view of this, on May 3, 2010, a separate loan agreement of another 62 lacks 74 thousand SDR or about 70 crore rupees was signed with ADB. The conditions of this loan were also the same. However, due to the increase in the exchange rate of SDR, the loan amount has increased.
As per the agreement, the first loan installment is due on June 30, 2028, and the second loan installment is on December 31, 2029. However, due to a lack of income, the finance department is repaying this loan. And the bridge authority will repay this loan in 30 years with 2 percent interest to the finance department. BBA will repay this loan to the finance department till the financial year 2036-37. When asked to know, a senior officer of the bridge authority present at the meeting told ShareBiz on condition of anonymity that the rate at which the toll will be collected on the Padma Bridge and the possible amount of traffic has been estimated. BBA will have to face a deficit every year to pay the loan installments. This deficit will remain for at least 20 years starting from the next financial year. Initially, the deficit will be high. At that time, the shortfall will have to be met from the toll income of the Bangabandhu
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