ADB provides $26 mln loan for expressway projects

Vietnam signed agreements with the Asian Development Bank (ADB) on Friday for a US$26 million loan to prepare for the construction of three highway projects.

ADB has been providing financial and technical assistance for road construction in Vietnam (Photo: SGGP)

The money will be used for a 120-kilometer highway from Hanoi to Lang Son Province on the Vietnam-China border, a 120-kilometer highway from Ha Long City to Mong Cai, also near China, and the 60-kilometer Ben Luc – Long Thanh highway in the south, which is part of the Eastern Economic Corridor of the Greater Mekong Sub-region.

The 32-year loan with an annual interest rate of 3.15% will be used for drawing up detailed designs and for improving the capacity and management expertise of the Vietnam Expressway Corporation, which will implement the three projects.

ADB has also agreed to provide US$1.5 million USD in non-refundable aid from the Japan Special Fund for the Ben Luc – Long Thanh Highway, as well as additional technical assistance worth 1.5 million USD for the designing of the other two highways.

ADB’s country director for Vietnam, Ayumi Konishi, said his bank would continue to provide financial and technical assistance for the construction of highways in the country in the future.

Sources: Vietnam News Agency, SGGP, combined by Nguyen Huu

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