Vietnam to Negotiate with ADB on $1.6B Loan for Expressway Project
Deputy Prime Minister Hoang Trung Hai has agreed the State Bank of Vietnam (SBV) to negotiate with Asian Development Bank (ADB) for a loan worth a $1.6 billion for an expressway project in the southern region.
The 57-8-kilomter Ben Luc-Long Thanh will link Ho Chi Minh City with Trung Luong expressway in Long An province and Bien Hoa-Vung Tau expressway in Dong Nai province.
Ben Luc-Long Thanh, is among seven expressways in Ho Chi Minh City’s master transport plan by 2020, will be developed into two phases with the first slated for completion in 2017.
Earlier, the Ministry of Transport has approved Vietnam Expressway Corporation (VEC) to build the expressway.
As a major donor for developing countries in the region, ADB will continue supporting Vietnam not only by financing development projects but also by providing necessary policy and capacity building, an ADB official said.
By end-July, the ADB provided $5.38 billion in loans, $113 million in official development assistance (ODA) and $65 million in technical assistance to the Southeast Asian country. (Transport)
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