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Vietnam borrows $75m from ADB to upgrade traffic system

Prime minister has recently sent requests for the president to consider and approve an agreement to borrow capital for upgrading the traffic network in Mekong sub-region in second phase (National Road 217).

Previously, under the authorization of the Prime Minister, on February 23, 2011 in Hanoi, the State Bank of Vietnam (SBV)’s governor, Nguyen Van Giau, signed the loan agreement on the aforementioned project with representatives of Asian Development Bank (ADB) in Vietnam.

The main content of the project in the first phase is to carry out construction and installation for 200 kilometers in the NR 217, construction of Cam Thuy branch and repairing the road pavement.

The preferential credit worth $75 million for a term of 32 years including eight years grace period has the lending rate at 1 percent per year during the grace period and it will be 1.5 percent per year in following years. The duration to carry out the project will be five years (2011-2016).

From VietNamBusiness

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