26 C
Ho Chi Minh City
Saturday, January 28, 2023

HCMC plans to refund investor of suspended BOT project

The Saigon Times

Must read

HCMC – HCMC will refund VND200 billion to the build-operate-transfer (BOT) investor of Tan Ky-Tan Quy bridge for their expenses after the investment form of the project has been changed.

This was mentioned in the official dispatch of the HCMC People’s Committee addressed to the municipal People’s Council’s Standing Committee regarding the outstanding costs payable to the investor of the Tan Ky-Tan Quy bridge in Binh Tan District.

IDICO-IDI, the investor of the project, has completed 70% of the work, but in late 2018, the project was suspended due to site clearance bottlenecks and Resolution 437 of the National Assembly which requires the BOT format to apply to new roads and bridges only, not existing ones.

Since then, HCMC converted the project into a publicly funded one with an approved total investment of VND491 billion.

According to the municipal administration, the amount of VND491 billion includes the refund for the investor and investment costs for the outstanding components of the project.

Upon completing the settlement with the investor, the city will carry out site clearance on the remaining area for execution of the project which is scheduled to be completed in 2025.

The 300-meter-long bridge with four lanes for vehicles expects to boost connectivity with  National Highway No. 1 and reduce traffic congestion at HCMC’s northwest gateway once put into use.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles