A US$293 million loan from the Asian Development Bank (ADB) was signed on Thursday between the State Bank of Viet Nam and the ADB for the construction of Ha Noi's first metro line.
HA NOI — A US$293 million loan from the Asian Development Bank (ADB) was signed on Thursday between the State Bank of Viet Nam and the ADB for the construction of Ha Noi's first metro line.
The on-going urban railway project, which is being implemented to reduce traffic congestion in the city, kicked off in September 2010.
The metro line will connect the Ha Noi Train Station, the main railway station in the city centre to Tu Liem District's Nhon Township through Cau Giay District along 3.6 kilometres of underground track, and 8.9 kilometres of elevated and transition lines.
Scheduled for completion in 2015, the metro line is expected to initially transport more than 150,000 people daily and almost half a million each day by 2030.
The $1.12 billion project is also funded by the Government of France and the European Investment Bank.
Authorities have said that it was an integral part of the first of four priority metro lines planned for the city's metropolitan area.
The capital is currently facing critical transportation problems including traffic congestion, air pollution and traffic safety. Many households own three to four motorbikes, and some are switching to cars as their incomes increase.
Traffic conditions are expected to worsen even more as the population is expected to increase to eight million people by 2025.
"The metro rail project will reduce green-house gas emissions and ensure the city's sustainable socio-economic development," said ADB Country Director Tomoyuki Kimura. — VNS