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Laos, S Korea to build northern transport link |
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21:42, March 17, 2008 |
Laos and South Korea are cooperating to implement the Northern Greater Mekong Sub-region (GMS) transport network improvement project to increase trade possibilities in Laos' northern provinces.
The government signed last week a loan agreement with South Korea to rebuild roads at a cost of about 22.5 million U.S. dollars, Lao newspaper Vientiane Times reported Monday.
The funding for the transport project was provided by South Korea's Economic Development Cooperation Fund, which is dedicated to strengthening regional cooperation and boosting economic growth in the GMS.
The agreement calls for the improvement of 367 km of Route No. 4 between Luang Prabang province and Xayaboury province. The project also includes an upgrade of 59 km of roads in the two provinces.
South Korea has recently made public an increase in its official development aid as one of its major diplomatic policies for the upcoming year. "We are going to closely cooperate with the Lao government to execute further projects," said Korean ambassador to Laos, Park Jae-hyun.
Source:Xinhua
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