Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) pledged VND5.909 trillion at the groundbreaking ceremony of " Phap Van - Cau Gie Road Upgrading Project” on July 20, 2014.
The project has a total investment of VND6.732 trillion and is divided into 2 phases. According to plan, Phap Van - Cau Gie route will be expanded to 6 highway lanes for motor vehicles and is expected to commence in early 2018.
In recent years, VietinBank is one of the few banks to finance projects for transportation infrastructure. Several large projects funded VietinBank recently include Deo Ca road tunnel project; project for renovating and upgrading a National Highway 19’s segment through the two provinces of Binh Dinh and Gia Lai; and project for National Highway 1A, Phan Thiet - Dong Nai segment.
Moreover, VietinBank has been chosen by international credit institutions and financial institutions such as the World Bank, the Asian Development Bank, JICA, JIBIC, German Reconstruction Bank, etc. as the bank to serve many ODA projects for the construction and upgrade of many infrastructure projects across the country.
Phap Van - Cau Gie road is a heavy traffic route linking the capital Hanoi and the Northern provinces. Therefore, the funding for the project further affirms the financial resource as well as contribution of VietinBank to constructing Vietnam’s transportation system.
Source StoxPlus