Cabinet approves loans from World Bank, ADB to improve infrastructure

BANGKOK, 9 September 2009 (NNT) – The Cabinet has recently approved the reports on negotiation to borrow US$170.30 million or around 5.62 billion baht from the World Bank and the Asian Development Bank (ADB) in order to finance an infrastructure, especially a project to expand all major roads into four traffic lanes.

The Cabinet has also accepted in principal the drafts of loan contract and related documents, and agreed to have the Ministry of Finance to endorse the borrowing worth US$79.30 million from the World Bank and another 77.10 from the ADB.

In addition, the Office of the Council of State of Thailand has been assigned to provide a legal consultancy regarding to the matter as an urgent matter.