Vietnam seeks new ADB loan for HCM City metro project
New ADB loan sought for HCM City metro project
The Government has asked the Asian Development Bank (ADB) for a loan of approximately 1 billion USD to ensure capital supply for the Ben Thanh - Suoi Tien metro project, HCM City’s second metro line.
The Ben Thanh - Suoi Tien metro project in HCM City (Photo: VNA)
Hanoi (VNA) - 😼The Government has asked the Asian Development Bank (ADB) fora loan of approximately 1 billion USD to ensure capital supply for the BenThanh - Suoi Tien metro project, HCM City’s second metro line.
Thenew loan is expected to be approved by the Government and the ADB next year. TheHCM City People’s Committee, in consultation with the city’s ManagementAuthority for Urban Railways (MAUR), is working with the Ministry of Finance onprocedures for verifying re-lending conditions, which will serve as afoundation for talks on supplementary loans over the next year. MAURannounced on August 25 that both new loans and the cancellation of a previousloan of 390 million USD from the ADB had undergone thorough consideration by themunicipal People’s Committee and the MAUR and been approved by the bank. Thiswill not affect project implementation, as the new loan covers the cancelled amount,MAUR explained, adding that it will also reduce financing costs. TheADB also urged Vietnam to promptly abort the previous loan to balance out emergencyassistance for other programmes and projects on mitigating the impact ofCOVID-19, as agreed by the bank and the Vietnamese Government./.
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The Ben Thanh - Suoi Tien metro project in HCM City (Photo: VNA) 
