Techcombank to serve in HCM City subway project

Wednesday, Oct 15, 2014 15:54


The 11.3km subway linking Ben Thanh and Tham Luong areas in HCM City is expected to begin operational by 2019. — File Photo

HCM CITY (Biz Hub) ─ The Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) was tasked on Monday to manage the use of funds for the Metro Line No. 2 project.

State Bank of Vietnam Governor Nguyen Van Binh asked Techcombank to perform regulations related to the use and management of official development assistance sources and preferential loans of sponsors under the guidance of the SBV, Ministry of Finance and Asian Development Bank (ADB).

Construction of the 11.3km subway linking the Ben Thanh and Tham Luong areas here began on August 2010 and is expected to become fully operational by 2019.

The project has a total investment capital of nearly VND26.12 trillion (US$1.24 billion), including $326.5 million from the State Budget and loans worth $540 million from the ADB, $195 million from the European Investment Bank and $313 million from German development bank KfW.

Techcombank is headquartered in the cities of Ha Noi and HCM. Hong Kong Shanghai Banking Corporation is a strategic shareholder, holding 20 per cent of the bank's equity. — VNS

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