The State Bank of Vietnam (SBV) has assigned the Vietnam Bank for Industry and Trade (Vietinbank) to arrange funds for the Hanoi Railway Station – Nhon urban metro rail project (line 3).

According to the SBV, Vietinbank will arrange a total of 783 million EUR (1.01billion USD ) towards the project.

Financing includes 293 million EUR (381 million USD) from the Asian Development Bank (ADB), 250 million EUR (325 million USD) in Official Development Assistance (ODA) from the French Government, 110 million EUR (143 million USD) in ODA from the French Development Agency (AFD), 73 million EUR (94.9 million USD) in ODA from the European Investment Bank (EIB) and 130 million EUR (169 million USD) from the Hanoi City budget.

The 12.5 km route will include 8.5 km of elevated track connecting the Nhon depot with Thu Le Park and 4 km of underground track connecting Thu Le with Hanoi Railway Station.

The Hanoi Metropolitan Rail Transport Project Board (HRB) will oversee the project, which will include a viaduct, power supply stations and a depot.

Expected to become operational in 2015, the line will carry 150,000 passengers per day, to increase to 500,000 by 2030.

The metro project is part of a Vietnam Ministry of Transport master plan aimed at reducing the use of private transport to enhance the urban environment. -VNA