This amount will be used for the construction and purchase of new trains on the route, visiting EIB Vice President Jonathan Taylor said on January 10 in Hanoi. The 12.5km-length metro project has total investment capital of Euro1.2 billion (US$1.4 billion) with 12 new stations, connecting Nhon area and Hanoi Station.
EIB Vice President Jonathan Taylor discusses with Vice Chairman of the Hanoi People's Committee Nguyen The Hung on Jan 10.
The line is one of four priority metro lines planned for the capital's metropolitan area, which will ease traffic congestion and reduce emissions. The increased funding from the EIB was confirmed in Hanoi by Jonathan Taylor today.
“Daily travel for hundreds of thousands people will be transformed by expanding urban transport in Hanoi by construction of this new metro line,” said Johnathan Taylor. The Euro 143 million financing agreed with the EIB, the Bank of the European Union, demonstrates both Europe’s commitment to support world class related investment across Asia and its strong engagement in Vietnam, he added.
The EIB delegation visited the metro line 3 to see new stations constructed and the over ground line at first hand. “The EIB support for transformational investment in Hanoi demonstrates the close cooperation between the European Union and Vietnam,” said Bruno Angelet, EU Ambassador to Vietnam. “Once the new metro is complete, transport in the city will be transformed and residents will benefit from quicker journeys and reduced pollution.”
Nguyen The Hung, Vice Chairman of Hanoi People’s Committee told Jonathan Taylor that Hanoi is calling for foreign investment in constructing other metro lines. “Therefore, we are in high hope that EIB would facilitate European enterprises to participate in the city’s urban projects”, he said. Many enterprises are interested in joining infrastructure projects in Hanoi, especially in public private partnership (PPP) model, according to the City leader.
EIB Vice President Jonathan Taylor is currently leading a high-level EIB Delegation on a visit to Vietnam. Transport financing by EIB in Vietnam is supporting construction of new urban rail infrastructure in Hanoi and Ho Chi Minh City.
The EIB has provided more than US$850 million for investment projects in Vietnam during the past 20 years.