HA NOI – A credit agreement for the Ha Noi – Hai Phong Expressway Project was officially signed by the Viet Nam Development Bank (VDB), Sumitomo Mitsui Banking Corporation (SMBC) and Citibank Japan in Tokyo yesterday, Tokyo-based VNA correspondent reported.
Under the agreement, SMBC and Citibank Japan will lend US$270 million to VDB to finance the contract packages No 3 and 8 of the project at preferential interest rates. The term of the loan is 15 years, with a 4.5 year grace period.
Nippon Export and Investment Insurance (NEXI) will provide insurance for the loan contract.
Participants at the signing ceremony agreed that the Ha Noi – Hai Phong Expressway Project will play a significant role in enhancing Viet Nam's Northern Delta economy by raising traffic capacity along the Ha Noi – Hai Phong route.
The project is also important for Japanese businesses, as there are more than 200 Japanese enterprises and companies along the highway. – VNS