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Summary of proposed guarantee

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
BT20 National Highway 20
Project ID
Fiscal year
Guarantee holder
Goldman Sachs
Investor country
United States
Host country
Environmental category
Date SPG disclosed
April 24, 2013
Project Board date
June 13, 2013
Gross exposure
 $400.0 million
Project type
Strategic priority area
Complex Project
ESRS, BT20 National Highway 20 Project

This summary covers a proposed loan from a syndicate of lenders arranged by Goldman Sachs (loan arranger and lending syndicate member) to support the construction financing of the BT20 National Highway 20 Project in Vietnam. Goldman Sachs has applied for a MIGA guarantee of up to $400 million against the risk of non-honoring of sovereign financial obligations for a period of up to 15 years.

MIGA proposes to cover an unconditional guarantee provided by the Ministry of Finance of Vietnam on the loan from the lenders to the BT20. 

The project consists of the rehabilitation and upgrading of the National Highway 20 that extends from the Dong Nai to Lam Dong provinces of Vietnam, under a build-transfer contract between the BT20 Consortium and the Ministry of Transportation.

Environmental Categorization

The project is a category B under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary.

Development Impact

The NH20 road is a critical connector road for the Ho Chi Minh City-Dalat (Central Highlands - South Central Coastal Ports) corridor, and its proposed upgrade and rehabilitation is expected to result in travel time savings, improved road safety, and reduced vehicle operating costs.

The proposed project is also expected to supporting the economic growth and development of the Central Highland area, home to a high concentration of impoverished ethnic minority groups.

The World Bank Group’s Country Partnership Strategy for Vietnam supports the government’s plan to scale up public investment by mobilizing private resources for infrastructure development and this project is consistent with that goal.

MIGA’s proposed support for this investment is also aligned with the Agency’s strategy of supporting complex projects as well as investments into countries eligible for concessional lending from the International Development Association.

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