A new urban area covering 3,000ha is expected to be created near the World Heritage-listed town of Luang Prabang, at a total cost of 2 billion USD.
The project, known as Diamond City, will be located in the Chomphet district of Luang Prabang province and will include a wide range of tourism, financial and recreational services, according to local media reports.
The city will be equipped with basic infrastructure services such as electricity, water supply, roads and bridges, post and telecommunications systems, economic establishments, agriculture and animal husbandry, processing industries, a cultural centre, 5-star hotels, resorts, 36-hole golf courses, cultural and eco-tourist sites, educational and cultural centres, as well as health facilities, business, financial and investment centres, a stock-exchange market, real estate development projects, banking facilities, and public parks and other recreation sites.
The project also includes the construction of a road running from Chomepheth district to Hongsa district in Sayaboury province.
A memorandum of understanding on the project was signed earlier this week by the New Century Group of Laos and the KPL Development Co. Ltd (Korea Development in Laos ) from the Republic of Korea, outlining the terms of their cooperation.