In Hanoi, December 6, the Vietnamese Ministry of Finance and the European Investment Bank (EIB) along with other donors, the Asian Development Bank (ADB), the German government-owned development bank KfW signed a credit to build the second metro line in Ho Chi Minh City.

Regarding the financial arrangement, the ADB will loan 540 million USD, the EIB 150 million euro, while KfW pledges to provide 240 million Euro, including a 85.75 million euros under the form of official development assistance from the German Government.

 

The metro line was planned to stretch 11.322 km with 11 stations in the HCM City centre, moving through Districts of 1, 3, 10, Tan Phu, Tan Binh and 12.

The credit will be used for construction and equipments for a new depot as well as buying new coaches for the project. Once put into use, it will carry out around daily 140,000 passengers in the first year.

Both Ms Magdalena Álvarez Arza, Vice President of EIB and Mr Tran Xuan Ha, Deputy Minister of Finance have said that the project will help improve the local people’s living conditions by shortening work travel time as well as reducing CO2 exhaustion into the environment.

The second metro line in Ho Chi Minh City was planned for a has total length of 20km, beginning at Thu Thien and ending in An Suong bus station with a total investment of more than 1,347 million USD. The project is divided into two phases. The line will cover the 11.322km from Ben Thanh Market to Tham Luong in the first phase. The inauguration for the Ben Thanh Market to Tham Luong was held on August 24 this year.

(CPV)