Vietnam Firms to Provide Insurance for EUR1.17B ADB-funded Railway in Hanoi

PVI Holdings (PVI), BaoViet Insurance Corporation and BaoMinh Insurance Corporation have signed a contract to provide insurance service for package No.3 of the Nhon-Hanoi Station railway. Under the contract signed with the Hanoi Metropolitan Railway Management Board, the insurers will provide the service in 49 months. The railway, which stretches 12.5 kilometers and has 12 stations, is slated for completion in November 2019. The project had an estimated investment of EUR783 million ($841 million) in 2008 with EUR293 million sourced from the Asian Development Bank (ADB), EUR250 million in ODA from the French government, EUR110 million in ODA from the French Agency for Development, EUR73 million in ODA from the European Investment Bank (EIB). The estimated cost of the railway has risen by EUR393 million to EUR1.17 billion, said Nguyen Quang Manh, director of the Hanoi Urban Railway Project Management Unit. ADB has approved a $65 million loan to cover additional construction costs for the project. (tinnhanhchungkhoan.vn Jan 5)