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World Bank funds $14m for Ha Noi Highway expansion

Update: January, 11/2014 - 09:17
The Ha Noi Highway in HCM City. The World Bank will provide a credit contract worth nearly $14 million to extend the highway. — VNA/VNS Photo Hoang Hai

HCM CITY (VNS)— A credit contract worth more than VND289.75 billion (US$13.75 million) to develop the second phase of the BOT (Build-Operate-Transfer ) project, which will extend the Ha Noi Highway was signed Wednesday with the World Bank.

Signatories were the HCM City Financial Investment Company (HFIC) and Ha Noi Highway Investment and Construction Joint-Stock Company. The loan would be sourced from the WB's Local Development Investment Fund, to be repaid over 14 months.

The second phase of the project includes an expansion of a three-kilometre stretch of the highway starting from the Thu Duc intersection as well as an upgrade of paralleled roads along the highway, starting from Sai Gon Bridge to Rach Chiec Bridge.

The second phase, with an investment of VND518 billion ($24.57 million), is expected to be finished by early next year.

The first phase, which includes an expansion stretching from Sai Gon Bridge to Thu Duc intersection, had a total investment of VND497.7 billion ($23.61 million), of which VND290.5 billion ($13.78 million) was from the HFIC.

To be eligible for the Local Development Investment Fund capital, HFIC assessed the project and ensured the investor followed the World Bank capital borrowing procedures. — VNS

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