Japan to Fund Construction of Trans-national Highway
The Japanese government plans to fund a US$67 billion project to build a highway connecting Vietnam, Cambodia and Thailand.
The project is part of the ambitious plan announced by Japanese Prime Minister Taro Aso in April this year, aiming to double Japan’s GDP by 120 trillion yen (US$1.2 trillion) by 2020.
The funding includes official development assistance (ODA), commercial insurance and other assistance capital.
Japan will join hands with Thailand to set up a taskforce which specializes in compiling financial and legal mechanisms for the expressway construction.
The route starting in Ho Chi Minh City of Vietnam will run through Cambodia’s capital Phnom Penh, and Thailand’s capital Bangkok, and end at the Andaman coast in the Southeastern part of Thailand.
Japan resumed ODA loans for Vietnam, and pledged to provide 83 billion yen (US$837 million) for Vietnam's infrastructure projects this year based on the Vietnamese government's attempts to tackle corruption. (News, VOV)
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