US$45 million-loan signed to improve Da Nang transport infrastructure in Vietnam
Minister of Finance Dinh Tien Dung (R) and Director-General of the OPEC Fund for International Development (OFID) Abdulhamid Alkhalifa at the signing ceremony. Sketched by the Pan Pacific Agency.
HANOI, Aug 29, 2019, NDO. A loan agreement worth US$45 million will be used to upgrade transport infrastructure in Da Nang following a signing ceremony in Hanoi on August 28, reported the Nhan Dan Online.
Minister of Finance Dinh Tien Dung and Director-General of the OPEC Fund for International Development (OFID) Abdulhamid Alkhalifa signed the loan agreement worth US$45 million this morning to fund a project on improving the transport infrastructure of Da Nang.
The project has a total investment capital of US$61.37 including US$45 million loan from the OFID and US$16.37 million counterpart investment from the local budget of Da Nang.
The project is scheduled for completion in late 2022 which is expected to improve the transport condition of the locals and promote socio-economic development of Da Nang.
Vice Chairman of Da Nang city People’s Committee Dang Viet Dung said that the loan is an important capital source of Da Nang to develop the transport in the West of the city in accordance with the general planning of the city.
The project will complete the construction of approximately 14.3km of the ring road 2 in the West, with a width of about 44-48m and associated bridges on the route with 38.3m width. The project will also build other technical infrastructure including drainage systems and lighting systems in addition to relocating existing works, among others.
The OFID has so far provided Vietnam with loans worth over US$238 million in total to fund 20 development projects.
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