An expressway linking Rama III Road, Dao Kanong and the western outer ring road, will be the first project financed by the Thailand Future Fund (TFF), Deputy Prime Minister Somkid Jatusripitak says.
The cabinet in December approved the launch of TFF to raise liquidity from the public for the construction of state projects and lower the fiscal burden incurred by the government's massive infrastructure plan.
The fund will mobilise up to 100 billion baht to be invested in greenfield and brownfield infrastructure projects.
Mr Somkid said the TFF is likely to be formed by the end of this year and the Expressway Authority of Thailand (Exat) will be the first agency to use the fund's proceeds to finance the expressway linking Rama III Road-Dao Kanong and the western outer ring road.
"This will be the first project and it will be integral to the fund's success," said Mr Somkid.
About 30 billion baht is expected to go into funding the project, said Gen Viwat Suchart, Exat chairman, adding the agency is expediting efforts to seek cabinet approval for the project this year.
He said the design of the project will be completed between February and March next year, during which a proposal will be made to seek a royal decree for land expropriation.
A meeting to draft the terms of reference for the project's construction will be held between March and April and the contractor could be sought by next year.
"As most of the project lies in the Rama II expressway zone, there will only be minimal expropriation of land," said Gen Viwat.
He is confident Exat will be able to pay back at least four to six million baht in revenues to the TFF.
He said the construction contracts will be split up.
One involves the construction of expressway ramps and the remaining 17-18km of expressway could be split into three contracts.
Gen Viwat said this is Exat's first project which will proceed under the government's Construction Sector Transparency Initiative.
Ekniti Nitithanprapas, the director-general of the State Enterprise Policy Office, said Motorway No.7 from Bangkok's Bang Na district to Chon Buri and No.9 between Bang Na and Ayutthaya's Bang Pa-in district would be the next projects financed through the TFF.