The State Bank of Vietnam and the World Bank (WB) on January 14 inked a credit deal worth 250 million USD to improve the country’s efficiency and sustainability of road asset management.

The funding, to support the Vietnam Road Asset Management Project (VRAMP), is from the International Development Association, a WB agency in charge of assisting low income countries, with a lending duration of 25 years and at the preferential interest rate of 1.25 percent per year.

The Australian government is also providing 1.7 million AUD (1.54 million USD) to the project which is worth a total of 301.7 million USD.

The project, scheduled to be implemented from 2014-2020, is expected to lead to a more effective road preservation strategy, better road asset management and the efficient programming of road network operations.

It will also benefit socio-economic development in northern and central provinces, reducing vehicle operating costs, along with a reduction in travel time and road accidents.-VNA