Giant Consolidated Limited has received US$5 billion of financial assistance from a New Zealand financial institute Rich Banco Berhad to fulfill the construction of a 220km high-speed railway, connecting Savannakhet province with Laobao on Lao-Vietnamese border.
The US$5-billion Fund Syndication Agreement signing ceremony for the Savannakhet-Laobao Railway Project was held in Vientiane on April 10.
The signatories to the document were representative of the Rich Banco Berhad, Mr. Gilbert Hung Ho Kuen, and Chairman of the Giant Consolidated Limited, Mr. Mohammad Fadzwi in the witnesses of British Ambassador to Laos, Mr. Philip Malone, and relevant officials of both sides.
The railway project is designed to facilitate the transport in Laos and reduce logistic cost for freight forwarding companies. Mr. Mohammad said the construction of Savannakhet-Laobao high-speed railway will help turn landlocked Laos into a land-link country.
This railway is to create better opportunity for trade and goods transport system and reduce transport time, Mr. Mohammad added. Savannakhet is located on the East-West Corridor linking Thailand, Laos and Vietnam.
Main component of the corridor is the Lao-Thai Friendship Bridge between Savannakhet and Moukdahan ( Thailand) and Road No. 9 in Savannakhet.
Source: KPL
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