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ADB finances Noi Bai-Lao Cai Expressway
Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) on the behalf of the Vietnamese Government joined Mr.Ayumi Konishi, Country Director of the Asian Development Bank (ADB), in signing the ADB loan to construct the Noi Bai-Lao Cai expressway belonging to the Kunming-Hai Phong Transport Corridor. This loan agreement worth US$ 1.196 billion was signed in Hanoi on 26 September 2008.
This Project aims at building a standard, efficient, safe and reliable expressway linking Noi Bai with the northern border province of Lao Cai, thereby facilitating the integration of long-way coach transportation with local public transportation services, better improving access to social and labor services in cities and towns, raising per capita income in the project provinces, increasing the amount of annual border trade in Lao Cai province, and improving the understanding of HIV/AIDS, infection diseases, human trading and drugs trafficking.
The 244-kilometer Noi Bai-Lao Cai expressway is an integral section of the eastern link of Greater Mekong Subregion Northern Economic Corridor. The corridor connects Kunming city in Yunnan province of the People’s Republic of China with the capital city of Hanoi and Hai Phong and Cai Lan ports in Vietnam.
Speaking at the signing ceremony, Governor Nguyen Van Giau said : “the extension of the highway transportation scale of the Kunming-Hanoi-Hai Phong Transport Corridor will create an opportunity to enhance the trading and goods transportation relations between Vietnam’s Northern provinces and Kunming province of China”.
When completed, the Noi Bai-Lao Cai Highway will help to reduce the volume of traffic passing through cities and towns along the expressway, hence contributing to significantly cutting down the number of traffic accidents.
SBV
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