HCM City Metro Line 2 Gets ADB Credit
The Prime Minister on June 28 issued official document 1037/TTg-QHQT which recommends the State President to approve the ADB loan agreement for the construction of Metro Line 2 in Ho Chi Minh City.
The Ho Chi Minh City Metro Line 2 connecting Ben Thanh market and Tham Luong 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 Prime Minster on March 11, 2011 authorized the Governor of the State Bank of Vietnam to sign the loan agreement with a representative of the ADB in Vietnam.
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.
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