ADB Pledges $1.1 Billion to Ease Ho Chi Minh City Traffic Congestion
VOA Breaking News (Voice of America)
December 14, 2010 at 8:55 am
The Asian Development Bank has announced two projects promising relief from traffic congestion for the 9 million residents of Vietnam's commercial hub, Ho Chi Minh City.
The Manila-based bank on Tuesday promised more than $1.1 billion in low-interest loans to help finance a mass transit line from the city center to an area near Tan Son Nhat International Airport, and an expressway diverting traffic around the city's southern suburbs.
The regional development bank says severe traffic congestion threatens to hold back economic growth in the city without major improvements in transportation infrastructure. Both projects are scheduled for completion by 2017.
Vietnam has already received pledges of financial support for the city's infrastructure needs from the European Investment Bank and the Japan International Cooperation Agency.
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