Govt Okays Foreign-Funded HCM City’s Subway Route Project
The government of Vietnam has approved construction on HCM City’s Subway Route No. 2, to be financed by the Germany Bank for Reconstruction (KfW), the Asian Development Bank (ADB), and the European Investment Bank (EIB).
At the order of Prime Minister Nguyen Tan Dung, the Ministry of Planning and Investment, the HCM City People’s Committee and relevant agencies will approve the work to be carried out using the ADB and EIB funds.
The Ministry of Finance and the municipal People’s Committee will sign loan agreements with the KfW and EIB while the State Banking will sign a loan agreement with ADB.
The project is expected to cost US$1.2 billion and be completed in 2015. (People’s Police)
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