Dhaka, June 30 (Xinhua-ANI): World Bank Friday has decided to cancel its 1.2 billion U.S. dollar credit for Bangladesh's Padma Multipurpose Bridge project, said a statement of WB received here Saturday in Dhaka.

In light of the inadequate response by the Government of Bangladesh, the World Bank has decided to cancel its 1.2 billion U. S. dollar IDA credit in support of the Padma Multipurpose Bridge project, effective immediately, said the statement.

WB has credible evidence corroborated by a variety of sources which points to a high-level corruption conspiracy among Bangladeshi government officials, Canadian company SNC Lavalin executives and private individuals in connection with the Padma Project, The Washington-based lender claimed in the statement.

Moreover, WB had sent a high-level team to Dhaka to fully explain the Bank's position and receive the government's response, but the response has been unsatisfactory, said WB.

The bridge project ran into trouble after the Washington-based lender suspended its 1.2-billion U.S. dollar loan to the Bangladeshi government in October last year over the alleged graft. (Xinhua-ANI)