EIB provides EUR 143 million support for Hanoi Metro Line 3
The European Investment Bank will provide EUR 143 million for construction of Line 3 of the Hanoi Metro and purchase of new trains on the route.
Once operational the 12.5 km line with 12 new stations will transform public transport in Vietnam’s capital city. The new metro is expected to improve travel time, reduce transport costs and cut polluting emissions.
The increased backing from the European Union’s long-term lending institution was confirmed in Hanoi by Jonathan Taylor, EIB Vice President responsible for Asia, earlier today.
“The loan for the Hanoi Metro will contribute greatly to a project that will reduce traffic congestion and pollution in a city that has grown significantly in recent years. Seeing construction at first hand shows the technical ambition and scale of this impressive metro project.” said Jonathan Taylor, European Investment Bank Vice President following a visit to the metro.
Ahead of a formal ceremony attended by the Deputy Chairman of the People’s Committee of Hanoi the EIB Delegation visited the Hanoi Metro to see construction of new stations and the overground line at first hand.
“The EIB support for transformational investment in Hanoi demonstrates the close cooperation between the European Union and Vietnam. Once the new metro is complete, transport in the city will be transformed and residents will benefit from quicker journeys and reduced pollution.” added Ambassador Bruno Angelet, Head of the Delegation of the European Union to Vietnam.
The EIB is the world's largest international public bank and is owned by the 28 European Union member states. Transport financing by the European Investment Bank in Vietnam is supporting construction of new urban rail infrastructure in Hanoi and Ho Chi Minh City. Since 1998 the European Investment Bank has provided more than EUR 710 million for investment in Vietnam.
