Thailand plans to spend US$50-56b on mega projects
15-MAY-2008 Intellasia | Reuters
May 15, 2008 - 7:00:00 AM
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Thailand plans to spend 1.6-1.8 trillion baht on government planned infrastructure projects between 2008 and 2011, a senior finance ministry official said on Tuesday.
The government has previously said it planned to accelerate infrastructure projects to boost the economy after political strife that followed military coup in 2006.
About 770 billion baht would be used to finance the extension of Bangkok's mass transit system with money from domestic loans, bond issues and foreign borrowings, Public Debt Management director Pongpanu Svetarundra told reporters.
"Apart from Jbic's loans, we are also looking at other foreign institutions," Pongpanu said of the Japan Bank for International Cooperation. He gave no details.
In March, Jbic lent 19 billion baht for part of the nine-line mass transit project.
The government said in early this year it planned to issue 95 billion baht in 30-year bonds to finance the project-the first 2.5 billion baht was sold last month to test market demand and the second 2.5 billion baht issue is planned in June.
Former prime minister Thaksin Shinawatra initiated the mega projects, which also included funding public housing, energy and airport development, but they were stalled by the 2006 coup that ousted him.
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