YANGON— The Union government has invited expressions of interest from local and foreign companies to develop Yangon’s first elevated tollway.
The announcement stated that the Ministry of Construction together with the Yangon regional government would develop the 47.5km expressway through a public-private partnership (PPP).
The four-lane ring road is expected to connect downtown Yangon, Yangon Port, Yangon International Airport, Mingalardon Industrial Park and the Yangon-Mandalay Highway.
Local and foreign developers interested in bidding for the design, engineering, financing, constructing, operating and maintenance parts of the project are asked to submit expressions of interest before 5 p.m. on June 29, according to the Ministry of Construction.
A tender will commence later this year, it said in the announcement dated May 18.
The International Finance Corporation (IFC), a member of the World Bank Group, has been appointed as the exclusive lead advisor for the project. It signed an advisory services agreement with the ministry on Jan. 11.
According to the IFC, the expressway project will facilitate about $350-$400 million of private investment in Yangon’s road infrastructure.
The project is expected to foster economic development by improving connectivity in Yangon for goods and services, IFC said in the press release on Jan. 11, adding that it would also reduce costs caused by lower productivity and vehicle operating expenses due to heavy traffic congestion along the city’s south-north routes.
The tender award to the winning bidder is expected to be granted by early 2019 and the road to be constructed over two to three years, IFC said.