CC1, the developer of a project to build a new Dong Nai bridge and Vung Tau intersection in Dong Nai Province, last week signed deals to borrow VND1.2 trillion from Vietnam Bank for Industry and Trade (VietinBank) and Saigon-Hanoi Bank (SHB).
CC1, the developer of a project to build a new Dong Nai bridge and Vung Tau intersection in Dong Nai Province, last week signed deals to borrow VND1.2 trillion from Vietnam Bank for Industry and Trade (VietinBank) and Saigon-Hanoi Bank (SHB).
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| Representatives of CC1, VietinBank and SHB sign the credit contracts last week |
Speaking at the signing ceremony, CC1 general director Le Huu Viet Duc said the new Dong Nai bridge and its two approach roads started construction in June 2008. Just the bridge was completed in late 2009 while the other components are still under construction, he added.
Construction of the flyover and two access roads could be completed next June, according to Construction Corporation No. 1 (CC1).
Vietnam Development Bank was originally the lender of the BOT Dong Nai bridge project but the deal was disrupted due to some reasons. Therefore, CC1 has switched to VietinBank and SHB to take out VND1.2 trillion loans.
With new funding secured, CC1 will be able to accelerate implementation work to finish the bridge and Vung Tau intersection next January and other components in the middle of next year.
CC1 will collect toll fees to recover capital for the project in 15 years and two months, starting from January 2009 to next June at Song Phan station in Binh Thuan Province and from next July to February 2024 at Dong Nai station near Dong Nai bridge.
The Dong Nai bridge project consists of Tan Van intersection, new Dong Nai bridge, Vung Tau intersection, upgrade of old Dong Nai bridge, and access roads.
The project has a total investment of VND1.65 trillion, with the investor’s capital accounting for 20%.
(Source:SGT)
