HCM City Metro Line 2 gets ADB credit
ThePM on June 28 issued official document 1037/TTg-QHQT which recommendsthe State President to approve the ADB loan agreement for theconstruction of Metro Line 2 in Hồ Chí Minh City.
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The Hồ Chí Minh City Metro Line 2 connecting Bến Thành market and Tham Lương deport, is partly funded by the Asian Development Bank (ADB).
The project, which is to cost about US$ 1.3 billion, is also financed by a German government-owned development bank (KfW) and the European Investment Bank (EIB).
Earlier, the PM on March 11, 2011 authorized the Governor of the State Bank of Việt Nam to sign the loan agreement with a representative of the ADB in Việt Nam.
Under the terms of the agreement, ADB pledged to fund US $40 million in the first phase of the project and the rest in 2011-2012.
The Hồ Chí Minh municipal People’s Committee is responsible for implementing the project between 2011 and 2016.
VGP