The signatories, on the Vietnamese side, were the Ho Chi Minh City Financial Investment Company (HFIC) and the Ha Noi Highway Investment and Construction Joint-Stock Company.
The loan will be sourced from the WB's Local Development Investment Fund and repaid over 14 months.
The second phase of the project includes the expansion of a three-kilometre stretch of the highway starting from the Thu Duc intersection, as well as an upgrade of service roads stretching from Saigon Bridge to Rach Chiec Bridge.
The second phase, with an investment of VND 518 billion ($24.57 million), is expected to be finished by early next year.
The first phase has received a total investment of VND 497.7 billion ($23.61 million), of which VND 290.5 billion ($13.78 million) was sourced from the HFIC.
Earlier, the sub-project 1 under the Ha Noi Highway Expansion project has gotten funding from the Ho Chi Minh City Investment Fund for Urban Development (HDP) offered by the WB through HFIC.
With the completion of some projects relevant to the Ha Noi Highway Expansion Project such as Sub-project 1, Cat Lai Intersection; new Rach Chiec Bridge, and Sai Son Bridge 2, the prompt investment of Sub-project 2 will contribute to promote the efficiency of Ha Noi Highway Route.
