French Banks to Finance US$1B to Ca Pass Tunnel Project
Two French banks Societe Cenerale and Calybon will finance US$500 million each for the project to build Ca Pass tunnel in the central region of Vietnam.
The tunnel, developed by Phu My Bridge BOT Joint Stock Company, will start from Dong Hoa district in Phu Yen province and end in Co Ma Pass in Khanh Hoa province’s Van Ninh district.
An estimated investment of VND9.52 trillion (around $534 million) will be poured into constructing the four-lane tunnel, which will have a total length of over 11 kilometers.
The Phu My Bridge BOT JSC has also reached a deal with the U.S. financial group Goldman Sachs for underwriting a bond issue worth $750 million on international markets to mobilize capital for the project.
As scheduled, the first phase of the Ca Pass tunnel project is expected to start in October next year with capital of VND8,800 billion. (Saigon Economic Times)
Vietnamese
