Major Financing Groups Back Vietnamese Transport Project

Vietnam has secured financial assistance from the Asian Development Bank and other key donors for the construction of a subway line in Ho Chi Minh City.

The project will receive $520 million from ADB and €150 million ($206 million) from the European Investment Bank, Bloomberg says. Germany’s KfW bank has previously agreed to give Vietnam €10 million in grants and €18 million in loans for the initiative, which is expected to kick off in 2012.

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About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.