World Bank Reinstates $1.2B Funding For Bangladesh Bridge

Law360, New York (September 21, 2012, 1:54 PM EDT) -- The World Bank has agreed to reinstate roughly $1.2 billion in financing, subject to several conditions, for a bridge project in Bangladesh, after pulling the funding in June due to allegations of widespread bribery on the project, the bank said Thursday.

The lender said that the Bangladesh government has agreed to a series of measures as a prerequisite for reinstating the funding, including new procurement arrangements with enhanced oversight and investigations into the alleged bribery by a Canadian engineering firm to secure a lucrative construction contract...
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