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ADB loan funds transport connectivity project in mountainous provinces

The Ministry of Finance and the Asian Development Bank (ADB) on March 5 signed a loan worth over 188 million USD for a transport connectivity project in northern mountainous provinces.
ADB loan funds transport connectivity project in mountainous provinces ảnh 1Minister of Finance Dinh Tien Dung (L) and ADB Country Director for Vietnam Eric Sidgwick sign the loan agreement in Hanoi on March 5 (Photo: VNA)

Hanoi (VNA) – The Ministry of Finance and the AsianDevelopment Bank (ADB) on March 5 signed a loan worth over 188 million USD fora transport connectivity project in northern mountainous provinces. 

Speaking at the signing ceremony, Minister ofFinance Dinh Tien Dung said the project is invested with 236.673 million USD intotal, including 188.36 million USD loaned by the ADB, a grant of 4.481 millionUSD by the Australian Government, and 43.829 million USD sourced from Vietnam’scentral budget.

The project will improve the road connectivitybetween Noi Bai-Lao Cai Expressway and northwestern provinces of Vietnam.

It will build and upgrade 198km of roads that connectseveral towns and districts in the provinces of Lai Chau, Lao Cai and Yen Baiwith Noi Bai-Lao Cai Expressway – part of the Greater Mekong SubregionKunming-Hai Phong Transport Corridor that links the Hanoi region with the northof Vietnam and with China’s Yunnan province. 

That includes about 147km of roads linking LaiChau and nearly 51.4km of roads linking Yen Bai with the expressway.

The Finance Ministry said this project isscheduled to be completed in 2024, helping to improve the region’s transportnetwork, ensure security-defence, boost socio-economic development, enhanceregional connectivity, and ensure transport connectivity in the three provincesin case of severe flooding.

“The project aims to expand the benefits of theGMS corridors to the northwestern provinces,” said ADB Country Director forVietnam Eric Sidgwick.

“The improved connectivity will not only boostborder trade, private investment and job creation in the region, but alsoprovide better access to basic social services, such as education, health care,job training and emergency disaster relief for the people of the northwesternprovinces, especially the poor ethnic minorities,” he added.

By the end of 2018, the ADB had financed about15.32 billion USD for more than 170 programmes and projects in Vietnam throughofficial development assistance and concessional loans. These projects cover awide range of fields such as transport, irrigation, poverty reduction, healthcare, education and urban development.-VNA
VNA
#Ministry of Finance#Asian Development Bank#ADB#transport connectivity project#northern mountainous provinces#transport connectivity in northern mountainous provinces#Noi Bai-Lao Cai Expressway#ADB loans for Vietnam updated Vietnam news#Vietnamplus#Vietnam News Agency
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