Experts feel Dhaka can learn from Suez Canal expansion project

In implementing major projects in Bangladesh, the government can take a leaf out of Egypt’s experience in extending the Suez Canal, experts say.

Despite bloody political turmoil over the last few years, Egypt's military ruler General Abdel Fattah al-Sisi's government has completed the $8.5 billion self-funded project before the deadline.
 
Former Bangladesh Bank Governor Dr Mohammed Farashuddin suggested that government should follow the Egyptian example to expand the 157km long narrow waterway from Kurhigram’s Rowmari to Sylhet’s Companyganj by dredging, so that large vessels could ply on it.
 
“By storing water that accumulates in the channel during monsoon, it can be released during lean period for irrigation and other purposes,” Farashuddin suggested.   
 
The economist also said the government could fund this major project by floating bonds like Egypt did to finance the Suez project.
 
Bangladesh’s infrastructure researcher Zaid Bakht agreed.
 
He said Bangladesh’s main problem was in implementing projects within scheduled timeframe, not in getting funds for them.
 
“The Metrorail Project has been delayed much due to objections from the Civil Aviation Authority. The construction of Moghbazar-Malibagh Flyover started a long time ago, but has not finished yet,” he said.
 
“If we truly want our country to develop, we’ll have to implement the big projects generating much public interest fast. We can follow the Suez Canal expansion project as an example,” Bangladesh Institute of Development Studies researcher Bakht said.
 
Egypt floated five-yearly non-tradable bonds worth $6.2 billion with 12 percent interest subscribed by its own citizens to fund the project in October last year.
 
It took only eight days to sell the bonds worth $8.5 billion.
  Egypt cut down on the timeframe for implementing the project from three years to one year. Finally, it was done in only 10 months. 
 
Bangladeshi engineer Shafiqur Rahman, who worked in the project, said six firms were engaged in the project.