By EFE,
Madrid: Spain will contribute to the financing of a subway system in Ho Chi Minh City, Vietnam, the Spanish industry ministry said.
The agreement was signed in Madrid by Industry Minister Miguel Sebastian and Vietnam’s Deputy Prime Minister Pham Gia Khiem, the ministry said Tuesday.
Spain will assign a series of funds to finance some of the metro lines under development in Ho Chi Minh City – formerly Saigon – when feasibility studies are complete and reliable budget estimates are available.
Ho Chi Minh City, with a population of close to eight million, is Vietnam’s economic capital.
Spain and Vietnam will establish a joint working group, with the participation of authorities involved in the project, which will meet at least twice a year.
Sebastian and the visiting Vietnamese official also signed a second document for the development of three projects related to water treatment and management, which Spain will help fund with 65 million euros ($94.9 million).