Yangon Elevated Expressway which is planned to be finished in the next three years will not be funded by the state budget, the investment will be provided by the tender winning company, U Kyaw Lin, Deputy Ministry of Construction, assured the parliament.
He was responding to a question at Pyithu Hluttaw by U Nay Myo, a lawmaker from Kyauktadar Constituency, questioning the government how it would manage the Inner Ring Road project to reduce traffic.
“At the third stage of the project, we will request tender proposals in November and December 2018 from the companies that passed the Request for Qualification in August 2018 which is the second stage of the project,’’ he said.
The tender winning company will collect tolls from the vehicles using the road.
The Government has invited EOIs in July of this year, 53 EOIs were received from 12 countries including Myanmar.
The Inner Ring Road project was proposed by Japan International Cooperation Agency (JICA), the ministry also hired International Finance Corporation (IFC) under World Bank Group as a consultant to carry out the tender process in line with international standards. VDB Loi and Jones Day Law Firms are hired as legal consultants for concessional agreement.
The elevated expressway will run from Botahtaung Pagoda Road and Strand Road via Bogyoke Road, Pazundaung Road, North Okkala, Khayaypin Road, Lower Mingalardon Road, Bayint Naung Road and Kyimyindaing Road and ends in Corner of Pan Hlaing Road.
The estimated cost for the 47.5 kilometer long elevated expressway is roughly $2 million per kilometer.