World News

Bangladesh Withdraws Request for World Bank Bridge Funding

TEXT SIZE - +
Bangladesh has withdrawn its request for World Bank funding of a bridge project dogged by allegations of corruption.

The World Bank cancelled the $1.2 billion loan for the 6.2-kilometer bridge last year after finding evidence of corruption among Bangladeshi officials.

On Friday the bank said it had received a letter from the government of Bangladesh withdrawing its request for funding of the bridge that would cross the Padma River. Bangladesh had asked the World Bank to reconsider its loan cancellation, but the bank maintained that a credible probe into corruption was required to release the loan.

The Washington-based lender said Bangladesh intends to continue the investigation into the alleged corruption.

The bridge would have been the country's longest water crossing.

Feature Story

Ukrainian security force officers are deployed at a checkpoint set on fire and left by pro-Russian separatists near Slovyansk, April 24, 2014.

Multimedia Ukraine Forces Kill Up to 5 Separatists

In response, Russian forces reportedly begin drills in border region; Obama warns Moscow of new sanctions More