The government has approved construction of Ho Chi Minh City’s Subway Route No. 2, to be financed by the German Bank for Reconstruction, the Asian Development Bank (ADB) and the European Investment Bank.
At the order of Prime Minister Nguyen Tan Dung, the Ministry of Planning and Investment, the HCMC People’s Committee and relevant agencies will approve the work to be carried out using the ADB and European Investment Bank funds.
The Ministry of Finance and the city People’s Committee will sign loan agreements with the German Bank for Reconstruction and the European Investment Bank while the State Bank will sign a loan agreement with ADB.
The project is expected to cost US$1.2 billion and be completed in 2015.
Reported by Dinh Muoi