Hanoi seeks to fund urban railway project with ODA, preferential loans

The People’s Committee of Hanoi has proposed the municipal People’s Council add the urban railway project No 3 to the list of projects funded by official development assistance (ODA) and preferential loans from foreign donors.
Photo: SGGP
Photo: SGGP

The project will build the railway section from the Hanoi Railway Station to Hoang Mai district during 2021 to 2025 at total investment capital of over VND40.57 trillion  ($1.74 billion ). Of the sum, about VND34.29 trillion  ($1.47 billion ) is slated to be sourced from ODA loans while the remainder comes from the local budget.

The Government will assess the project and submit it to the National Assembly for approval.

The Asian Development Bank (ADB) has committed to providing $450 million  for the project.

Meanwhile, the German Development Bank (KfW), the French Development Agency (AFD), the French Government and the World Bank are also interested in granting ODA loans to the project