Minister of Finance Dinh Tien Dung and Asian Development Bank (ADB) Country Director for Viet Nam Eric Sidgwick sign a loan agreement worth US$188.36 million for the Northern Mountain Provinces Transport Connectivity Project, Ha Noi, March 5, 2019 - Photo: VGP/Huy Thang
Minister of Finance Dinh Tien Dung and Asian Development Bank (ADB) Country Director for Viet Nam Eric Sidgwick signed a loan agreement worth US$188.36 million for the Northern Mountain Provinces Transport Connectivity Project in Ha Noi on March 5.
The project is invested with US$236.673 million, including US$188.36 million from the Official Development Assistance (ODA) of the ADB, US$4.481 million financed through a non-refundable aid of the Australian Government and US$43.829 million from the central budget.
The host agency of the project is the Ministry of Transport.
The project aims to build 147km-road connecting LaiChau Province withNoiBai-LaoCaiexpressway, including constructing 14.03 km of new road and upgrading 132.8 km of roads.
It also builds another 51.375 km-road connectingNghiaLo (YenBaiProvince) withNoiBai-LaoCaiexpressway.
The project is expected to come into operation by 2024, which is expected to complete the regional transport network, ensure defense and security, strengthen regional connectivity and ensure transport safety in case of heavyrainfallsandfloods in the northern mountainous areas (including three provinces of LaoCai, YenBaiand LaiChau).
As of 2018, as many as 173 ADB-sponsored projects have been launched in Viet Nam, valued at US$15.32 billion through ODA and preferential loans. ADP projects focus on such areas as transport, irrigation, poverty reduction, health and education and urban development, whichhasmade contributions to the nation’s socio-economic development and improving the living quality for Vietnamese people./.