The cost of the Padma Multipurpose Bridge's construction has increased by Tk 2,412 crore while its completion deadline has been extended by one year till June 2024. 

The Executive Committee of the National Economic Council (Ecnec) yesterday approved the project's third revision with Prime Minister Sheikh Hasina in the chair at the NEC conference room in Dhaka.

The high price of the US dollar, price hike of construction materials for river training and rise of the VAT rate contributed to the overall increase in project cost, said the Planning Commission.

As per the project documents, the main work of Padma Bridge project has already been completed.

"But, now the revision of the project is required to complete the remaining ancillary works and the payment of contractors' dues," said Mohammad Emdad Ullah Mian, member of the physical infrastructure division of the planning commission.

"So, the project can be approved under this consideration," he said while briefing journalists after the Ecnec meeting.

After the third revision, the total cost of the project has been increased to Tk 32,605.52 crore.

High price of dollar, price hike of construction materials and rise of VAT rate contributed to the overall increase in project cost, said the planning commission

Initially, the project was taken at a cost of Tk 10,121 crore in July 2007 and scheduled to be completed by June 2015.

State Minister for Planning Shamsul Alam, Planning Commission members and secretaries concerned were present at the briefing.

According to Planning Minister MA Mannan, a total of 15 projects were placed before yesterday's meeting. Of them, 12 projects were passed, two deferred and one got a time extension.

Of the 12 approved projects, eight are new ones and the remaining four are revised projects. The overall estimated cost of the 12 projects is Tk 19,598.84 crore.