4:13:55 PM | 2/1/2007
The Asian Development Bank (ADB) just approved a US$60 million loan for the project to improve 285km of degraded railroad linking Hanoi to Lao Cai, ADB’s website reported.
To carry out the US$160-million project, apart from ADB, the French Development Agency will lend EUR 32 million under ADB management, the French Finance Ministry EUR32 million and the Vietnamese government is to contribute US$22.5 million in reciprocal investment.
Once in place by the end of 2012, the project will boost trade and tourism from China and Northern Vietnam. Under the project, six additional railroad bridges will be constructed and 13 bridges will be repaired.
ADB also approved a soft loan of US$20 million for the second phase of another project to improve business environment as well as help complete the legal framework for small and medium enterprises.
In a related development, Vietnam and Germany have signed a credit agreement to set up a center for railway operation. However, the further details are not yet specified. Vietnam is now estimated to have about 2,600 km of rail line, most of which is degraded and should be improved.
Liberated Sai Gon, New Hanoi
Vietnamese
10/12/2024
Hanoi, Ho Chi Minh City