The contractor company of Dhaka Elevated Expressway project is again in the financial crisis. As per the terms, the 13th installment of the loan is withheld due to non-payment of interest to the lender. Again, the dispute between the contractors of the two countries has reached the court.
In 2011 Italian-Thai Development Public Company Limited got the Dhaka Elevated Expressway project. However, the company could not start working even after 8 years due to inability to raise money. In 2019, Italian-Thai gave 49 percent shares to two Chinese companies, CSI and Sinohydro. Later, three institutions started working with loans of 861 million US dollars from two Chinese banks, China Exim and ICBC.
Work started in full swing from 2020 and a part was launched last year. Meanwhile, when the work is progressing from Tejgaon to Qutub Khali, the 13th installment is not being paid by the Chinese financial institution. They are not paying this installment as they have not paid the interest in advance according to the Italian-Thai terms. However the remaining two institutions do not have this crisis.
Meanwhile, if the money is not paid within the stipulated time, the financial institutions have the right to transfer the entire share to the rest of the contractor institutions. Therefore, the Thai company approached the court earlier. He told the court that the shares cannot be transferred within a month. Of this, the progress of work on the Tejgaon to Qutub Khali section is about 75 percent.