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Vietnam cancels ADB loan for HCMC’s second metro line

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HCMC – Deputy Prime Minister Pham Binh Minh has approved a Finance Ministry proposal to cancel a US$390-million loan from the Asian Development Bank (ADB) to fund the second metro line project in HCMC, which runs from Ben Thanh Market in District 1 to Tham Luong Depot in District 12.

The Government Office sent an announcement on the final decision of Deputy PM Minh regarding the second metro line to the Ministry of Planning and Investment and the municipal government.

The deputy head of the Government asked the Finance Ministry to reach a consensus with the creditor on the cancellation of the loan.

The HCMC government has to arrange the city’s budget to pay arising costs related to the loan cancellation. The city will also take charge of working out plans and mobilizing funding for the project, reviewing and evaluating its progress to ensure it is implemented as scheduled and avoiding too many loan cancellations that could reduce the effectiveness of the loan.

Earlier, Vietnam signed Loan Agreement No. 2256-VIE with ADB to take out the loan.

The Ben Thanh-Tham Luong metro line was set to be carried out in three phases, with the total investment after being revised reaching some US$2.09 billion, equivalent to VND47.8 trillion.

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