Two banks pledge over USD64 million for transport road in HCM city

Vietcombank Thu Thiem and Indovina Bank have signed a credit deal with Van Phu Bac Ai Joint Stock Company to provide finance for the construction of a section from Pham Van Dong street to Go Dua – National Highway 1 intersection in Thu Duc district.

Mr. Nguyen Van Phuong, Director of Vietcombank Thu Thiem (first from left) and representatives of Indovina and Van Phuc Bac Ai
Joint Stock Commercial Bank, signed the deal. (Photo: VCB)

The project is performed under the Private Public Partnership type (Build-Transfer contract) with a total capital of VND2.765 trillion (USD121.8 million).

Under the deal, the Thu Thiem branch of Vietcombank, or the Joint Stock Commercial Bank for Foreign Trade of Vietnam, will provide VND1.16 trillion (USD51.1 million) and Indovina Bank, VND300 billion (USD13.2 million).

The five-year loan will be used to clear premise.

Once completed and put into use, the project will promote the formation and development of urban renewal plans along Ring Road No2 as scheduled, as a fulcrum for the expansion of urban infrastructure in the near future, contributing to transport and urban development./.

BTA



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