The government has formed a 13-member project steering advisory committee to solve the financing problem of the Dhaka Elevated Expressway.
Officials of the Bridges Division said the steering committee was formed as no private investor was interested in the biggest Public Private Partnership (PPP) project anymore after the project cost rose by Tk297 crore because of a three-year-long delay. Malaysian companies that were once keen to invest in the project had now backtracked, they added.
The Italian-Thai Development Company – which was awarded the project contract in January 2011 – is still seeking financiers for the project, a challenge which will now be shared by the new project steering committee as well.
The committee would also provide all necessary support and advise to the government regarding the construction of the expressway. According to a circular issued last week, the committee would also hold a progress review of the project every month.
Although the Bangladesh Bridge Authority had initially awarded the contract to the Italian-Thai Development Company for Tk8,703 crore, the estimated cost now is over Tk9,000 crore.
Prime Minister Sheikh Hasina inaugurated the construction work in April 2011 and the expressway was supposed to complete in three and a half years.
Bridge Division Secretary Khandaker Anwarul Islam yesterday said the work has already started and a major portion of project would also begin soon.
