The construction cost of the Bangabandhu Sheikh Mujib Railway Bridge on the Jamuna River is set to go up by Tk3,216 crore.
The Cabinet Committee on Public Purchase approved the procurement proposal on Thursday.
As per the new proposal, the total cost of the bridge will be Tk12,950 crore.
In 2016, the Executive Committee of the National Economic Council (Ecnec) approved the Tk9,734 crore project.
With Finance Minister AHM Mustafa Kamal in the chair, the cabinet committee approved a total of nine procurement proposals, costing Tk14,012 crore.
Of the amount, 12,950 crore will be spent on the construction of the Bangabandhu Railway Bridge.
The finance minister said the committee gave approval to the railway bridge's procurement proposal. But it will require a new procurement proposal for its approval from the Ecnec.
Two Japanese companies – OTJ Joint Venture Package-1 and IHI SMCC Joint Venture Package-2 – got the job as the lowest bidder.
Kamal said, "The Cabinet Committee on Public Purchase has given the approval, ahead of the Ecnec, for the timely completion of the project."
"The proposal would have to brought back to the purchase committee after Ecnec's approval which would require extra time, else," he said adding the prime minister would give approval to the proposal after examining it at the Ecnec meeting.
Asked about the cost increase, Kamal said the volume of work has widened but he did not give any detail about the type of work.
"It is better to have a discussion at the Ecnec on the matter," he said adding the Japan International Cooperation Agency will finance the total extra cost of the project scheduled to complete by December 2023.
The cabinet committee has also approved proposals for the construction of 36 cyclone shelters in Patuakhali and another 50 shelters in Pirojpur.
It also okayed the procurement proposal for electricity distribution lines in Rajshahi, Rangpur, Khulna and Barishal divisions under the Bangladesh Rural Electrification Board.
Replying to a question, the finance minister said, "Our growth would have gone up if we could use our unused resources. It would be inclusive growth."
In this connection, the government will give priority to every marginalised family during the next five years.
"The future leaders will come out from the marginalised families and work for the development of the country," he added.
Kamal said, "We will outshine Singapore and Malaysia by 2025 to 2030."
Regarding the negative export growth, Kamal said, "Our export has fallen by 5 percent in the last six months. Actually, exports have declined across the world."