VND6,686 billion credit package signed for Trung Luong – My Thuan expressway

Monday, 2019-12-16 16:35:49
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At the signing ceremony to fund the ongoing Trung Luong – My Thuan expressway.
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NDO – Four banks approved a loan of VND6,686 billion (US$287.55 million) to fund the ongoing Trung Luong – My Thuan expressway in the Mekong Delta province of Tien Giang.

The banks including VietinBank, BIDV, Agribank and VPBank signed a credit agreement with Trung Luong – My Thuan BOT JSC on December 16 to lend a total of VND6,686 billion for the expressway project, a vitally important transport project in the Southwest region.

According to the deal, VietinBank pledged a loan of VND3,300 billion, BIDV pledged VND1,500 billion, Agribank pledged VND1,000 billion and VPBank pledged VND886 billion, respectively.

General Director of Trung Luong – My Thuan BOT JSC Nguyen Tan Dong said that the signing of the credit agreement is an important milestone which will help accelerate the progress of the 51km expressway to meet the expectations of 20 million people in the Mekong Delta region.

Earlier, the company also received a fund of VND1,390 billion out of VND2,186 billion from the State budget.

The 51km expressway was commenced in November 2009 but so far only 27% of the project has been completed mainly due to shortage of capital.

The expressway runs through five districts of Tien Giang province. It is a key project to ease overload for the National Highway 1A and also among arterial routes to connect the Southwest region with Ho Chi Minh City and the key Southern economic region.

The project is expected to be completed in late 2020.