The global lending agency's Dhaka office in a statement on Tuesday said even though a rethink is 'technically possible', but there is 'little scope under the current circumstances'.
It termed the pullout from the ambitious project an 'unfortunate' outcome, but said the decision would not affect on-going operations between the two partners.
The Washington based lender on Jun 29 cancelled the contract for the $ 2.9 billion Padma bridge fund project saying that it had "credible evidence" of corruption in the project.
The bank's Dhaka office in a 12 structured frequently question-answer-based statement said the government's 'failure' to address two measures 'deemed important for the full and fair investigation into evidence of corruption' prompted the decision.
The Anti-Corruption Commission's non-acceptance of the proposal of allowing an external panel to assess the investigation process, and the government's unwillingness to exclude public officials from public services during the investigation prompted the decision, the statement said.
"This is an unfortunate outcome, as the bridge has the potential to accelerate growth and transform lives in Southwest Bangladesh and across the nation."
The statement said the Bank communicated with the government in accordance with its policies.
"We have submitted two reports to the Prime Minister, the Finance Minister and the Anti-Corruption Commission, first in Sep 2011 and again in Apr 2012."
"We urged Bangladesh's authorities to investigate these matters fully and, where justified, prosecute those responsible for corruption."
It claimed the Bank made 'every effort' to ensure that all requested measures were in line with the Bangladeshi legal framework.
The cancellation of the $ 1.2 billion World Bank loan has made the Padma bridge project uncertain, and the government is desperately looking for other financing options.
The bridge, an election pledge of the Awami League government, will connect Dhaka with 16 south western districts, home to about 60 million people, is estimated to contribute 0.6 per cent to the economy.
The ADB that had pledged to give $610 million also pulled out of the project.
Finance Minister AMA Muhith brushed the allegation aside and hoped the WB would review its decision while the Prime Minister outlined a strategic plan in Parliament to construct the bridge with own funds.
The government has decided to open bank accounts to collect the fund.
The opposition BNP, however, maintains that 'corruption' by the top government officials forced the WB to cancel the funding.