Saigon's municipal authorities are seeking national aid for a VND8.4 trillion (US$376.5 million) elevated monorail.
In a letter to the Ministry of Planning and Investment, the city government requested funds from the state-run Project Development Facility, a fund which compiles money from state allocations as well as official development assistance from Asian Development Bank and the French Development Agency, reports Thanh Nien.
The request came after the city government's initial search for private sector investment drew no takers. If approved, the funds requested by Saigon's city officials will be spent on a feasibility study. From there, the elevated monorail would begin construction in 2019 and take five years to complete.
The 16.5-kilometer elevated monorail project would connect Go Vap District with District 12. This is one of two potential monorail projects the city is pursuing; the other is a VND15 trillion (US$675 million) project connecting District 8 and Binh Thanh District.
[Photo via Wikicommons]
