Padma Bridge loan: Bridges Division pays 316.02 crore as 3rd and 4th installments

The Bridges Division on Monday paid Tk 316.02 crore as third and fourth installments of the loan taken for construction of  Padma Bridge

Bridges Division Secretary Manjur Hossain handed over a cheque of Tk 316,02,69,093 to the Senior Secretary of Finance Division around 10 am  in presence of Prime Minister Sheikh Hasina, said a press release of Road Transport and Bridges Ministry.

Road Transport and Bridge Minister Obaidul Quader, cabinet members, secretary, principal secretary to the prime minister were also present at that time.

With this, the Bridges Division paid a total of Tk 632,93,36,6142 to the government in installments.

Earlier on April 5, the Bridges Division began the repayment of the loan with Tk 316,90,97,049 from the revenue it earned as toll collection from the bridge.

The loan was taken from Bangladesh Bank at a low interest rate under an agreement signed between the Finance Division and the Bangladesh Bridge Authority.

In line with a revised agreement with the finance division on 26 July 2022, the Bangladesh Bridge Authority (BBA) will repay the loan in 35 years through 140 installments (four installments each year). The repayment will continue up to the fiscal year 2056-57.

The authority collected tolls worth Tk 779,75,87,000 from the bridge  till June 18,2023.