HCMC’s second metro line project on verge of capital shortage

An agreement to borrow VND12 trillion (US$518.7 million) from the German development bank KfW for HCMC’s second metro line project will expire on December 30 but the city has yet to sign another contract with the consulting firm of the project, 

Implementation Consultant (IC), which is a requirement to extend the loan agreement with KfW.

HCMC’s second metro line project on verge of capital shortage

Workers clear the site for the second metro line project in HCMC. The project may face a lack of capital - PHOTO: TNO

IC stopped its work at the project in October 2018.

According to the Ministry of Planning and Investment, the involvement of IC in the project is essential to extend the loan contract with KfW to the end of 2026 and ask for supplemental loans. It is also a foundation to begin packages to build the underground section and underground stations as well as clear the site for the project to borrow loans from the Asian Development Bank (ADB) and the European Investment Bank (EIB).

The Ministry of Planning and Investment has asked the HCMC government to report the project’s progress and reasons for a slowness in the signing of an agreement with IC. The city must also submit a plan on the project’s execution to the ministry before December 30, news site Vnexpress reported.

In late August, ADB, KfW and EIB asked the city to speed up the signing of an agreement with IC.

 

The Management Authority for Urban Railways (MAUR) of HCMC has worked with IC to address issues at the project but the process has been delayed due to Covid-19. It expects to sign an agreement with IC next month.

The second metro line project in HCMC had its investment revised up to US$2.1 billion in late 2019 from the initial US$1.3 billion. Of the total, nearly VND37,500 billion would be borrowed from ADB, KfW and EIB, while the remainder would be sourced from Vietnam’s reciprocal capital.

The line, linking Ben Thanh Market in District 1 and Tham Luong Depot in District 12, will be more than 11 kilometers long and include nine underground stations, an elevated station and a depot in District 12. Work on the project is expected to start next year. SGT

HCM City plans extensive urban development along metro route

HCM City plans extensive urban development along metro route

Ho Chi Minh City’s authorities are drafting design and construction plans for urban areas along the first metro route, which is slated to become operational at the end of 2021.

HCM City receives first train for Metro Line No 1

HCM City receives first train for Metro Line No 1

The Management Authority for Urban Railways of Ho Chi Minh City held a ceremony on October 13 to receive the first train for the city’s Metro Line No 1 (Ben Thanh - Suoi Tien).

 
 

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