The first phase of metro line no.5 from Bay Hien crossroads to Saigon bridge has found financial sponsors and is now waiting for approval to start construction, according to HCMC Urban Railway Management Board.
|Workers on the construction site of Ben Thanh terminal of Ben Thanh-Suoi Tien metro line (Illustrative photo: SGGP)|
The board said that investor and financial sponsors had assessed and approved the total capital of VND42 trillion (US$1.85 billion) for the nine kilometer project.
The sponsors include the Spanish government, Asian Development Bank, European Investment Bank, KfW Development Bank. Besides, the Vietnamese government will supply reciprocal capital.
About approval progress, the board said it had just sent a statement of the project’s investment policy to the city People’s Committee.
The committee is expected to soon submit the policy to the Prime Minister for consideration and the National Assembly for approval according to the Public Investment Law to ensure the progress which the city has pledged to the financial sponsors.
Metro line no.5 starts from Bay Hien crossroads in the intersection with the metro line no.2 Ben Thanh-Tham Luong, travels east to Hoang Van Thu, Phan Dang Luu, Bach Dang, Dien Bien Phu streets and ends at a place near Saigon Bridge where it will join under construction metro route no.1 Ben Thanh-Suoi Tien.
Of the total length, 7.5 kilometers will be built underground and 1.43 kilometers above ground.
If being approved, metro line no. 5 will come into operation by 2025 with six coaches travelling at the medium and maximum speed of 37 and 90 kilometers an hour, added the board.