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VietNamNews

BIDV okays funds for new bridge

Update: August, 08/2015 - 09:19

The Bank for Investment and Development of Viet Nam signed a contract to lend real-estate developer Dai Quang Minh Corporation VND4.2 trillion (US$193 million) to build the Thu Thiem 2 Bridge and a project on Mai Chi Tho Street in the new Thu Thiem urban area on Thursday. — Photo danviet.vn

HCM CITY (VNS)— The Bank for Investment and Development of Viet Nam (BIDV) on Thursday signed a contract to lend real-estate developer Dai Quang Minh Corporation VND4.2 trillion (US$193 million) to build the Thu Thiem 2 Bridge and a project on Mai Chi Tho Street in the new Thu Thiem urban area.

The Thu Thiem 2 Bridge connects the new urban area to the centre of District 1. Scheduled for completion in 2019, the bridge will play an important role in the development of the city's socio-economy and help reduce traffic congestion.

Last year, Dai Quang Minh was appointed to implement the project under a Build-Transfer (BT) model.

Also on Thursday, the property developer signed a contract with BIDV's South Sai Gon branch to provide financial guarantees to Dai Quang Minh's customers who buy houses and apartments in the Sala Urban Area in District 2.

The signing follows the recently amended Housing Law, which requires real estate developers to have a bank guarantee in case projects are not handed over in time.

Dai Quang Minh is a pioneer in the development of the Thu Thiem Urban Area. The company is building the Sala urban area and surrounding infrastructure. — VNS




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