ADB grants VN a record loan

VNGOP – The Asia Development Bank (ADB) pledged to give Việt Nam a loan worth of US $1.1 billion to build a modern 244-km highway from Hà Nội’s suburban area to the northern province of Lào Cai.

December 17, 2007 7:21 AM GMT+7

In a recently-issued press release, ADB revealed that, after the highway is finished by 2012, it will take one day only to travel from Kunming City (China) to Hà Nội.

Thanks to the new road, Việt Nam can boost the export of its agro- and marine products to China.

ADB confirmed that the highway will help to promote tourism between the two countries. According to the Bank, the traffic volume along the existing routes between Hà Nội and Lào Cai is increasing by 12% per year. In 2012, over 5.5 million vehicles will run along the new road and in 2022, 17 million.

The total capital of US $1.216 billion is estimated to be recovered within ten years since 2012.

By Xuân Hồng