A credit contract worth more than 289.75 billion VND (13.75 million USD) to develop the second phase of a BOT (Build-Operate-Transfer) project to extend the Hanoi Highway was recently signed with the World Bank.

Signatories were the HCM City Financial Investment Company (HFIC) and Hanoi Highway Investment and Construction Joint-Stock Company. The loan will be sourced from the WB's Local Development Investment Fund, to be repaid over 14 months.

The second phase of the project includes an expansion of a three-kilometre stretch of the highway starting from the Thu Duc intersection as well as an upgrade of paralleled roads along the highway, starting from Saigon Bridge to Rach Chiec Bridge.

The second phase, with an investment of 518 billion VND (24.57 million USD), is expected to be finished by early next year.

The first phase, which includes an expansion stretching from Saigon Bridge to Thu Duc intersection, had a total investment of 497.7 billion VND (23.61 million USD), of which 290.5 billion VND (13.78 million USD) was from the HFIC.

To be eligible for the Local Development Investment Fund capital, HFIC assessed the project and ensured the investor followed the World Bank capital borrowing procedures.-VNA