World Bank pulls out of Bangladesh project amid corruption

Reuters News
Posted: Jun 29, 2012 5:39 PM

WASHINGTON (Reuters) - The World Bank on Friday canceled a $1.2 billion credit for a Bangladesh bridge project with immediate effect, saying it had "credible evidence" of a high-level corruption conspiracy among Bangladeshi government officials.

"In light of the inadequate response by the government of Bangladesh, the World Bank has decided to cancel its $1.2 billion ... credit in support of the Padma multipurpose bridge project, effective immediately," the World Bank said in a statement.

(Reporting By Lesley Wroughton; editing by Mohammad Zargham)