(VOV) - The Asian Development Bank (ADB) will provide US$293 million credit to the Vietnamese Government to build a metro railway to ease the heavy traffic congestion in Hanoi.
The credit agreement was signed by the Governor of the State Bank of Vietnam, Nguyen Van Binh, and ADB Vietnam Country Manager, Tomoyuki Kimura, on October 13.
Kimura said the project will help municipal authorities effectively ease the traffic situation, reduce the emission of greenhouse gases and ensure sustainable socio-economic development.
The metro railway will have a total length of 12.5km and run from the Hanoi Railway Station through Cau Giay district to Nhon town.
It will also receive support from the French government and the European Investment Bank. This is the first of four metro railways planned for Hanoi.
The railway is scheduled to be completed by 2015 and will be capable of transporting 150,000 commuters a day, aiming to reach a capacity of nearly 500,000 by 2030.