ADB agrees infrastructure loans with Vietnam

The State Bank of Vietnam has signed with the Asian Development Bank agreements for nearly 160 million USD in loans for improving the country's infrastructure.

Monday, May 11, 2015 10:56

The State Bank of Vietnam has signed with the Asian Development Bankagreements for nearly 160 million USD in loans for improving thecountry's infrastructure.

The deals were inked by SBV Governor Nguyen Van Binh and Tomoyuki Kimura, the ADB's Vietnam country director, in Hanoi on May 8.

Thefirst was for an additional loan of 147 million USD to complete the NoiBai-Lao Cai Highway, a key road link between Hanoi and thenorth-western border with China.

The 244-km highway will mark thecompletion of the Kunming-Hai Phong Transport Corridor, a vital conduitfor trade between Vietnam and China, according to Yasushi Tanaka,principal transport specialist at the ADB's Southeast Asia Department.

Theadditional assistance would ensure the project fully met its goals ofsupporting economic growth and employment in the northern mountains ofVietnam and reduce travel time and accidents on the route, he said.

Thesecond agreement was for a 12.58 million USD loan for preparations forBeltway No 3 in HCM City. The loan will help conduct surveys and plan toinvest in sub-projects like the Ben Luc – National Highway No 22 andNational Highway No 22 – Binh Chuan sections.

The loan will alsoenable Vietnamese agencies to make technical plans for the Tan Van –Nhon Trach section and the road to connect this section with theNational Highway No 1.-VNA

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