Loan signed worth $45 million to improve traffic infrastructure of Danang

Minister of Finance Dinh Tien Dung and Dr. Abdulhamid Alkhalifa – Director General and CEO of OPEC Fund for International Development. Photo: Thùy Linh

Attending the ceremony were Minister of Finance Dinh Tien Dung; Dr. Abdulhamid Alkhalifa – Director General and CEO of OPEC Fund for International Development; Mr. Dang Viet Dung – Vice Chairman of Danang People’s Committee; representatives of the Ministry of Foreign Affairs, the Ministry of Planning and Investment, and leaders of units of the Ministry of Finance.

Speaking at the signing ceremony, Minister of Finance Dinh Tien Dung said the loan projects from OFID have been effective, especially for remote areas.

According to the Minister, Vietnam was in the process of integration and economic development, so policies on infrastructure development and poverty reduction were important, especially for both developed and undeveloped regions. The localities were also very active in deploying infrastructure development projects. Therefore, loans from foreign funds were important for Vietnam.

The Minister also expressed his gratitude to the OFID Foundation for concentrating on Vietnam's development projects in the past as well as in the future; and confirmed that this was very useful for Vietnam.

The scene of the ceremony. Photo: Thùy Linh

“Danang is a friendly and modern city in Vietnam. Therefore, this project will play an important role in promoting the development of this city,” the Minister affirmed.

The project has total investment of $61.37 million. In particular, the loan from OFID was $45 million and domestic reciprocal capital was about $16.37 million which was arranged from Da Nang city’s budget. The project governing body was the Danang City People's Committee; the investor was the Management Board of Priority Infrastructure Investment Projects in Danang.

According to the Ministry of Finance, the project aimed to complete the construction of about 14.3 km of Western Ring Road 2, with a width of about 44-48m, bridges on the route with a width of 38.5m and other technical infrastructure including drainage, sewers, trees, lighting and relocation of existing infrastructure.

At the same time, the project would complete the construction of about 1.2 km of roads connecting Co Co bridge to the interchange of Tran Dai Nghia, Vo Chi Cong and other technical infrastructure; constructing 100m bridge across Co Co River and connect Vo Qui Huan Street to Vo Chi Cong Street.

It was expected that the project would be completed by the end of 2022, contributing to help Danang develop transport infrastructure effectively and sustainably, thereby contributing to promoting socio-economic development, improving people's lives, reducing traffic accidents, environmental pollution and improving travel conditions of people in Danang.