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LaoVietBank supports infrastructure upgrade in Laos

The LaoVietBank recently signed a contract with a Lao construction company to finance a project to upgrade Route 16 in Laos.
The LaoVietBank recently signed a contract with a Lao construction company to finance a project to upgrade Route 16 in Laos.

Themove aims to support the country in preparation for integration intothe ASEAN Economic Community (AEC), which will be established at the endof this year.

Under the contract, the bank will provide creditworth 20 million USD to build and upgrade the 42.8-kilometre road fromtwo lanes to four-six lanes.

Route 16 is in a strategic position,as it connects the Lao province of Champasak with the Thai province ofUdon Thani. The upgrade is said to contribute to linking Laos and othercountries in the Greater Mekong Sub-region.

Established in 1999under cooperation between the Bank for Investment and Development ofVietnam (BIDV) and the Banque Pour Le Commerce Exierieur Lao (BCEL), theLaoVietBank has become one of the largest commercial banks in Laos and amodel for economic cooperation between the two countries.-VNA
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