The Asian Development Bank (ADB) and the Government of Vietnam signed a $293 million loan agreement on October 13 for construction of a metro line to reduce critical traffic congestion in Hanoi.
The signatories included State Bank of Vietnam Governor, Nguyen Van Binh, and ADB Country Director for Vietnam, Tomoyuki Kimura.
The ADB-supported metro line 3 will run for 3.6 kilometres underground and 8.9 kilometres over land. It will stretch from Hanoi Station through Cau Giay, to Nhon.
“The metro rail project will support efforts to solve traffic congestion and substantially reduce green house gas emissions, ensuring the capital’s sustainable socioeconomic development,” said Mr. Kimura.
The loan signed today will add the ADB to the list of financiers supporting the development of Hanoi’s urban transportation system development.
The metro rail line, which will also be funded by the Government of France and the European Investment Bank, is an integral part of the first of four priority metro lines planned for the capital’s metropolitan area. Scheduled to be completed in 2015, the metro rail line is expected to transport initially more than 150,000 people a day, and almost half a million daily by 2030.
“We realise there is a large dependence on private vehicles to meet transport needs in Hanoi and it will be challenging to change people’s mindset. But we sincerely hope they adopt public transport as a low carbon transport mode, as it is more sustainable and will substantially improve the quality of life of Hanoi residents,” Mr. Kimura added.
According to a report released at the signing ceremony, each Hanoi household now owns three to four motorbikes, and many of Hanoi’s motorbike users are switching to cars as their incomes increase. With this trend, coupled with the capital’s population expansion from six to eight million people by 2025, traffic conditions will continue to worsen, and the city will face more critical transportation problems such as traffic congestion, air pollution and traffic safety.
Source: dtinews.vn