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Massive funding sought for HCMC transport

Update: March, 13/2012 - 09:34

HCM CITY — The city plans to apply diverse forms of investment to effectively mobilise the capital needed beyond its budgetary allocations for implementation of key transport infrastructure proj-ects, a senior official says.

Several of these projects were facing a cash crunch, the Sai Gon Giai Phong (Liberated Sai Gon) newspaper reported yesterday, citing Tran Quang Phuong, director of the city's Department of Transport.

The investment models that the city should apply included official development assistance, build-operate-transfer (BOT), build-transfer (BT) and private-public partnership (PPP), he said.

Phuong said in the next 10 years, the city would implement more than 40 transport infrastructure projects under BT model with a total investment of more than US$10 billion.

It would also carry out 10 other projects under both BT and BOT models with a total investment of nearly $4.5 billion, he said, adding that the city had listed projects that would be developed under the different investment forms.

These include the project to build an outer ring road in the eastern part of the city from Phu My Bridge to Rach Chiec Bridge; a traffic circle in Area A of South Sai Gon; and an elevated road starting from the traffic circle to Phu My Bridge.

Another project is to build the Sai Gon 2 Bridge, invested in by the HCM City Infrastructure Investment Join-Stock Company, which would start construction next month.

District -level People's Committees had been asked to take responsibility for delays in site clearance work and expedite the process, Phuong said.

Many major traffic infrastructure projects had been delayed due to the lack of investment capital and tardy site clearance work, he said.

The delay was likely to continue for many projects given the current economic slowdown, Phuong said. — VNS

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