$53.2 million in two loan agreements signed for Metro No.3 line.
The Governor of the State Bank of Vietnam has signed two ODA loan agreements totaling $53.2 million for Hanoi’s Urban Railway No.3 (Metro No.3) project.
The first contract was a loan agreement with the Asian Development Bank (ADB) for $4.2 million with a term of 25 years, which aims to develop public transport policies through the provision of consulting services.
The second is a loan agreement with the Clean Technology Fund (CTF), with ADB as representative and loan manager. Worth $49 million, the loan has a term of 40 years and will finance the construction of transport infrastructure, such as bus stations, connecting 12 of the line’s train stations.
The Metro No.3 project has total investment of $1.395 billion, with the Hanoi People’s Council as the investor. It is expected to be completed at the end of 2018 and stretch 12.5 km, of which 8.5 km are above ground and 4.5 km underground.
Eight stations will be above ground and four underground. Trains will have four carriages, with the capacity to transport more than 900 passengers. At a maximum speed of 80 km/h, a single trip along its total length will take around 20 minutes.