Vietnam Development Bank (VDB), Sumitomo Mitsui (SMBC) corporation and Japan Citibank signed a credit agreement worth $270 million for Hanoi-Haiphong highway project on February 22th, 2012.

Under the contract, SMBC and Japan Citibank will co-provide VDB a preferential loan of $270 million to finance bid package No.3 and bid package No.8 of the Hanoi-Haiphong highway project. The loan term is 15 years including 4.5 years of grace period.

Hanoi-Haiphong expressway has total length of 105 km, connecting ring road No.III in Gia Lam district, Hanoi and Dinh Vu, Hai Phong.

This project is divided into 10 packages and implemented under BOT (Built-Operation-Transfer) method since 2008. 9 over 10 main construction packages have been under way by mid January 2012. The final package is planned to begin by end of this year.

Source TEI/StoxPlus