Techcombank appointed to support Metro No.2 project

October 21, 2014 | 09:22

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On October 13 the governor of the State Bank of Vietnam (SBV) issued Decision No. 2054/QD-SB on appointing Techcombank to support the Sustainable Urban Transport project, namely Metro No. 2, sponsored by the Asian Development Bank (ADB).

In the decision the governor ordered Techcombank’s general director to carry out provisions set forth in Decree No.38/2013/ND-CP on managing and using ODA fund and preferential loans from donors and to closely follow regulations established in guiding documents issued by the SBV and Ministry of Finance as well as ADB provisions, to best serve the project.

The metro No.2 with a length of nearly 20 kilometres will start at Thu Thiem New Urban Area and end at the An Suong Station. The total investment capital for the project is $1.37 billion. In particular, ADB approved to lend $540 million, the German Reconstruction Credit Institute (KfW) with $313 million and the European Investment Bank (EIB) with $195 million. The $326 million remaining would be taken from the counterpart funds of Vietnam.

By By Huyen Trang

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