Japanese banks to finance Hà Nội-Hải Phòng Highway
VGP – The Việt Nam Development Bank on Wednesday signed with the Sumitomo Mitsui Banking Corporation (SMBC) and Citibank of Japan an agreement on the latter’s provision of US $270 million in loans for Việt Nam’s Hà Nội-Hải Phòng Highway project.
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Việt Nam will have paid off the preferential loans within the next 15 years.
Speaking at the signing ceremony, Mr. Nguyễn Quang Dũng, General Director of the Việt Nam Development Bank pledged to use the loan effectively.
General Director Dũng said the Hà Nội-Hải Phòng Expressway project is of significant importance to socio-economic development in the Red River Delta.
The project is also meaningfull for the Japanese side as many of its investors have placed their factories in Northern Việt Nam.
Mr. Marc Merlino from Citibank further said the project will support over 200 Japanese enterprises currently operating along the road.
The Hà Nội-Hải Phòng Highway, with the length of 105.5km, will be the first to be built under international standards. The maximum designed speed is 120 km/hour.
By Hải Minh
