The Asian Development Bank (ADB) and the Government of Vietnam on Oct. 13 signed a 293 million USD loan agreement for construction of a metro line to reduce critical traffic congestion in Hanoi.
The signatories included State Bank of Vietnam Governor, Nguyen Van Binh, and ADB Country Director for Vietnam, Tomoyuki Kimura.
|Tomoyuki Kimura (L), ADB Country Director for Vietnam, and Vietnam’s State Bank Governor Nguyen Van Binh finish signing the financing agreement in Hanoi Oct 13, 2011. (Photo: VNExpress)|
The ADB-supported 12.5-kilometer metro line 3 will run 3.6 kilometers underground with 8.9 kilometers of elevated and transition track. It will stretch from Hanoi Station, through Cau Giay, to Nhon. The loan will add ADB to the list of financiers supporting the development of Hanoi’s urban transportation system development.
The metro rail line, also funded by the Government of France and the European Investment Bank, is an integral part of the first of four priority metro lines planned for the capital’s metropolitan area. Scheduled to be completed in 2015, the metro rail line is expected to transport initially more than 150,000 people a day, and almost half a million a day by 2030.
“The metro rail project will support efforts of Hanoi’s authorities to solve traffic congestion more efficiently and substantially reduce green house gas emissions, ensuring the capital’s sustainable socioeconomic development,” said Kimura.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2010, ADB approvals, including, co financing, totaled 17.51 billion USD. In addition, ADB’s ongoing Trade Finance Program supported 2.8 billion USD in trade.