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Japan loans US$270m for Ha Noi – Hai Phong Expressway Project

Update: February, 23/2012 - 12:00

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

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