12 January 2018
The Signing Ceremony of Financial Advisory Services Agreement for Yangon Elevated Expressway Project with the cooperation of the ministry of construction and International Finance Corporation (IFC) was held at the ministry of construction, Nay Pyi Taw on Wednesday and the union minister for construction U Win Khine and responsible officials from the ministry and IFC attended the ceremony.
At the meeting, the union minister said that an Elevated Express-way Toll Road construction project which is 20.5 Kilometers long with 4 lanes and runs from south to north will be implemented in Yangon under the investment of public-private-partnership.
The project will be implemented working with International Finance Corporation (IFC) which is a member of World Bank regarding with Advisory Transaction to meet the international standards and the management of the project. It's a project which will be linked to the new Hanthawady Airport project, Yangon-Mandalay expressway and Thilawa special economic zone.
Next, the director-general of road transportation department, U Ohn Lwin and country manager of IFC, Mr. Vikram Kumar signed the agreement. The construction of road infrastructure such as Yangon Inner Ring Road and Yangon Outer Ring Road project was planned to ease the traffic congestions suffered by the Yangon city dwellers daily and their socio-economic impingements.
This project is a part of Yangon Inner Ring Road project which will run 22.5 Kilometers from strand road to Mingalardon industrial zone. When the whole Elevated Expressway project is finished, it will cover 40.5 Kilometers, alleviate the traffic congestion to a certain percentage of extent and only be a 20 minute drive to Yangon International Airport and 55 minutes drive to Hanthawady International Airport.