VIENTIANE, Apr. 8 (Xinhua) -- The Laos-China Joint Expressway Development, China Yunnan Construction and Investment Holding Group ("YCIH") and the Lao Planning and Investment Ministry signed a concession agreement here on Wednesday for Laos' first expressway.
The Laos-China Joint Expressway Development, a joint venture between the Lao government and the YCIH, is to invest, construct and operate the expressway project on basis of "BOT" (Build-Operate-Transfer) in accordance with the Concession Agreement.
The expressway linking the capital Vientiane and scenic Vangvieng is part of the Vientiane-Boten Expressway, the first full closed expressway in the Laos and a major project of the Belt and Road Initiative.
The 460-km expressway starts from Vientiane and ends in Boten, the Laos-China border town.
The project is expected to improve the living standards of residents along the road and deepen the cooperation and communication between China and Laos.
"The signing of the Concession Agreement represents an important step of the project's progress," said Chen Wenshan, YCIH chairman and shareholders' representative of the Laos-China Joint Expressway Development.
The YCIH has the confidence and ability to complete timely and quality construction of the project, Chen said, adding the expressway will be a demonstration model for future highways in Laos.