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ADB finances metro line project in Hanoi

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 Asian Development Bank (ADB) and the Government of Vietnam onOct. 13 signed a 293 million USD loan agreement for construction of ametro line to reduce critical traffic congestion in Hanoi .

The signatories included State Bank of Vietnam Governor, Nguyen VanBinh, and ADB Country Director for Vietnam , Tomoyuki Kimura.

The ADB-supported 12.5-kilometre metro line 3 will run 3.6kilometres underground with 8.9 kilometres of elevated andtransition track . It will stretch from Hanoi Station, throughCau Giay , to Nhon . The loan will add ADB to the list offinanciers supporting the development of Hanoi ’s urbantransportation system development.

The metro railline, also funded by the Government of France and the EuropeanInvestment Bank, is an integral part of the first of four prioritymetro lines planned for the capital’s metropolitan area. Scheduled to becompleted in 2015, the metro rail line is expected to transportinitially more than 150,000 people a day, and almost half a million aday by 2030.

“The metro rail project will support efforts ofHanoi’s authorities to solve traffic congestion more efficiently andsubstantially reduce green house gas emissions, ensuring thecapital’s sustainable socioeconomic development,” said Kimura.

ADB, based in Manila , is dedicated to reducing poverty in Asia andthe Pacific through inclusive economic growth, environmentallysustainable growth, and regional integration. Established in 1966, it isowned by 67 members – 48 from the region. In 2010, ADB approvals,including, cofinancing, totalled 17.51 billion USD. In addition, ADB’songoing Trade Finance Program supported 2.8 billion USD in trade. /.
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