ADB, S. Korean Bank to Lend $1.1B for Vietnam Expressway Project

The Vietnamese Ministry of Transport has approved the Asian Development Bank (ADB) and Export-import Bank of South Korea to provide $1.1 billion in Ordinary Capital Resources (OCR) loan to the Hanoi-Lang Son expressway project. Of the sum, the ADB will fund $900 million between 2011 and 2013 and, together with the South Korean lender, co-finance another $200 million to the project, the Giao thong Van tai newspaper reported July 14. The 130-km expressway, which will link Huu Nghi border gate in Lang Son province with Nhu Nguyet bridge in Bac Ninh, is expected to have six lanes, the ministry said, giving no more details. The ministry has recently proposed the ADB to add Ha Long-Mong Cai expressway into the list of projects which will get its loans.  Earlier, JeaJung Song ADB Executive Director said that the bank will continue providing official development assistance (ODA) for Vietnam in the years to come.  As of end-2009, the ADB provided over $8 billion for 87 projects and programs in Vietnam, making the country become its third largest aid recipient behind Bangladesh and Pakistan.