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$9.4b earmarked for HCM City works

Update: June, 04/2014 - 08:35
The Sai Gon – Ha Noi Commercial Bank will provide a credit line for the Phu My Construction Development Joint Stock Company (PMC) to develop 14 infrastructure projects in HCM City by 2020.— Photo vietstock

HCM CITY (VNS) — The Sai Gon – Ha Noi Commercial Bank will provide a credit line for the Phu My Construction Development Joint Stock Company (PMC) to develop 14 infrastructure projects in HCM City by 2020.

According to Nguyen Thanh Thai, general director of PMC, the company has plans to invest an estimated VND200.1 trillion (US$9.4 billion).

They include over VND6 trillion for a Southern Ring Road (through Districts 8, Binh Tan, and Binh Chanh), VND168 trillion for five elevated highways, and VND815 billion for the Rach Chiec Bridge.

Thai said the projects would be undertaken in several forms like build-transfer, private – public partnership, and build – operate – transfer.

The two signed a contract on Monday for a loan of nearly VND4 trillion for a road to link the Eastern Ring Road with the Ha Noi Expressway (from District 2 to District 9) and widening Luong Dinh Cua Street in District 2.

Nguyen Huu Tin, deputy chairman of the HCM City People's Committee, confirmed that the 14 projects would have to be completed by 2020. — VNS

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