6:06:03 PM | 14/11/2007
The World Bank (WB) has agreed to fund VND4.87 trillion (US$304.37 million) for Hanoi to develop its urban traffic infrastructure system from now to 2013, said Tran Danh Loi, deputy director of the municipal Department of Transport and Public Works November 13.
The city will use US$99. 8 million to build an express bus system, US$194.3 million to construct a belt road from Nhat Tan to Cau Giay, and the remaining to improve the capacity of traffic management agencies.
The funding, including the WB's loans and refundable-aid, is expected to reduce traffic congestion in the capital city.
The city authorities will sign an agreement on the funding in December this year, added Tran Danh Loi.
Recently, the WB has pledged to provide US$175 million in soft loans for Vietnam boost economic growth and reduce poverty.
Last year, WB pledged US$800 million a year to Vietnam over the next five years.
(Vietnam Economic Times, Youth)
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