Over € 212 million for HCM metro line 2

VGP – PM Nguyễn Tấn Dũng on June 1 agreed on a draft agreement on the construction of Hồ Chí Minh’s metro line No. 2 with € 212.75 million credit funded by the German Reconstruction Credit Institute (KfW) bank.

June 01, 2011 4:38 PM GMT+7

Illustration photo

The Ministry of Finance (MoF) was authorized to ink the agreement with the KfW.

The municipal People’s Committee of Hồ Chí Minh is in charge of working with the MoF to negotiate and ratify separate agreements with the KfW.

Earlier, on January 3, 2011, the German Government agreed to finance € 28 million for the project.

Construction of the work began on August 24, 2010 and is expected to complete in 2016.

The metro line No. 2 will help reduce traffic congestion, travel time, and contribute to mitigating climate change impacts in the city./.

By Kim Loan