Catalyzing Prosperity: The Economic Force of the Padma Multipurpose Bridge in Bangladesh

 

 

 

In the ever-evolving symphony of a nation's progress, few compositions rival the majestic overture orchestrated by the Padma Multipurpose Bridge in Bangladesh. An architectural marvel that stands as a testament to both human ingenuity and the aspirations of a country, this bridge is more than mere infrastructure – it's an economic symphony of grand proportions. In the following exploration, we delve into the intricate tapestry of this bridge's economic impact, from toll rates and projected revenues to cost savings and its transformative role in propelling Bangladesh toward a prosperous future. Let us uncover the harmonious chords of economic growth orchestrated by the Padma Multipurpose Bridge.

The Padma Multipurpose Bridge holds a significant place in Bangladesh's economy, with its contribution extending across various facets. Recently, the Bridges Division put forth a toll rate proposal for approval by the Honorable Prime Minister Sheikh Hasina on 28 April 2022. Following this, the Ministry of Road Transport and Bridges, on 17 May, declared diverse toll charges for different modes of transportation.

With a construction cost of Tk. 30,193.39 crore, the bridge is projected to carry approximately 21,300 vehicles daily across 23 districts of Bangladesh by 2022, which is anticipated to burgeon to 41,600 by 2025. The anticipated period for toll recovery from these vehicles is estimated to span over 9½ years. Notably, as per a report from Jugantar, citing the World Bank, the projected revenue from the Padma Bridge for the next 31 years is projected to reach a staggering $18.5 billion, surpassing the construction cost by 5.5 times. Moreover, social advancement is forecasted to contribute an additional $25 billion to the economy. The strategic safeguarding of land through river management on both flanks is evaluated at around Tk. 1,400 crore. Furthermore, significant cost savings are predicted, including Tk. 2,400 crores in electricity, gas, and internet expenses, and an additional Tk. 3,600 crore stemming from the cessation of ferry operations. According to the agreement, an amount of Tk. 36,000 crore must be remitted to the bridge authority over the ensuing 35 years. To clarify, the Bangladesh Bridge Authority elucidates that a considerable portion of the collected toll revenue will be allocated for loan repayment, with the remaining portion earmarked for the bridge's ongoing maintenance.

The bridge's impact was swiftly felt upon its opening to the public on 26 June 2022, as approximately 15,200 vehicles traversed its expanse within the initial eight hours of operation, beginning at 6 a.m. Impressively, the collected toll revenue amassed to Tk. 82,19,000 between 6 a.m. and 2 p.m. on that day, as confirmed by an official from the Bangladesh Bridge Authority. Swiftly thereafter, on 1 July 2022, a noteworthy record was set with the government accumulating a substantial Tk. 3,16,00,000 in revenue from tolls. This revenue derived from 26,394 vehicles crossing the Padma Bridge—a feat achieved on just the sixth day following its traffic opening. 

In the grand tapestry of Bangladesh's economic evolution, the Padma Multipurpose Bridge emerges not merely as an infrastructure marvel, but as a luminary guiding the nation's course toward a brighter tomorrow. Its foreseen revenues shimmer with promise, reflecting a harmonious blend of meticulous planning and visionary execution. The corridors of potential savings echo with the prudent symphony of resource management, orchestrating a cadence of prosperity. And within the heartbeats of its transformative economic impact, one can discern the rhythms of a nation marching steadfastly toward progress. This bridge, both in form and essence, stands as a formidable cornerstone in the edifice of Bangladesh's economic destiny, poised to infuse its chapters with a pivotal role in the symphony of growth.

[Source: Wikipedia] 

 

© YASIN AL RAZI

 

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