The Cabinet on Monday approved the draft of the Padma Bridge Operation and Maintenance Company PLC with a capital of Tk1,000 crore to operate and maintain the bridge built on the Padma River.
The state-owned company will conduct the operation, tolls collection and overall maintenance of the bridge once it starts operation.
The decision was taken in the regular weekly Cabinet meeting held on Monday at the Prime Ministers Office at Tejgaon with by Prime Minister Sheikh Hasina in the chair.
The Cabinet also approved the Export Policy, 2024-2027 aiming for a US$110 billion export target within FY24-27 and draft of Institute of Frontier Technology (Shift) Act, 2024 in principle.
While briefing after the meeting at Secretariat, Cabinet Secretary M Mahbub Hossain said that the cent percent state-owned company will be named Padma Bridge Operation and Maintenance Company PLC and the company will be responsible for maintenance, toll collection and other operations.
The much-awaited Padma Multipurpose Bridge started operation from June 25, 2022. Prime Minister Sheikh inaugurated the operation of the 6.15km bridge constructed expensing around Tk 30,193 crore.
The bridge connected 21 districts of south and western region with other parts of the country including Dhaka. It has been playing vital roles in the countrys overall economic development.
The Padma Bridge is now the property of the Bridges Division under the Road Transport and Bridges Ministry. The earnings of the bridges are being deposited to a bank account of the Bridges Division.
Once the new company is formed, the responsibility of funds, operation and maintenance will be handed over to the new company, according to the decision.
Cabinet Secretary Mahbub Hossain said the company will be formed in accordance with the Company Law comprising 14 board of directors.
The representatives of the bridges division, finance division and others concern will be in the board. The company will determine its manpower considering its demand.
Now, the Korean Expressway and China Major Bridge Engineering Company are jointly doing the works of maintenance and toll collection works for the bridge.
They have been appointed for the work for five years with a contract of Tk693 crore. They are also doing the work of installation of weighing machines, closed circuit camera and other maintenance works.
The new company will start working after expiry of the contract with the two companies, Mahbub Hossain said.
He also informed that as the Prime Minister disagreed to name the institute as Sheikh Hasina Institute of Frontier Technology, the name of the institute will be Institute of Frontier Technology.
The Cabinet cleared the draft of Institute of Frontier Technology (Shift) Act, 2024 in principle in the meeting.
