The PM has approved a basic infrastructure project for comprehensive development in the four provinces of Nghe An, Ha Tinh, Quang Binh and Quang Tri with its funding sourced from the Asian Development Bank (ADB).
The provincial People’s Committees were assigned to ensure counterpart capital themselves in line with the Law on State Budget and the PM’s Decision No.40/2015/QĐ-TTg dated September 14, 2015 stipulating the principles, criteria and norms for allocation of state budget funds for development investment during the 2016-2020 period.
They were also asked to draw up a report proposing an investment plan for the project in accordance with the current regulations.
The project will be implemented in six years since the ADB approved the loan worth US$97 million from the Asian Development Fund. It seeks to boost socio-economic development, accelerate economic growth and enhance regional competitiveness, aiming to meet the market modernization demand of the north central economy.
First of all, the project will renovate and build new transport infrastructure facilities in order to facilitate regional links; boost commodity production; improve the environment and strengthen connectivity between locales in the region as well as with other localities in the coastal corridor and disadvantaged areas.
Besides, infrastructure works will also be upgraded and constructed to serve production, seeking to accelerate growth, strengthen competitiveness and attract investment in the region’s key economic areas.