Cabinet approves bid to replace JICA funding with domestic loan

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BANGKOK, 25 June 2013 The cabinet has approved the Finance Ministry’s plan to replace a foreign fund to be acquired for the Purple Line construction project with a domestic loan.

In response to the Finance Ministry’s request, the cabinet resolved to change the source of funding for the third phase of the Mass Rapid Transit Authority’s Purple Line electric train system, which is set to run from Bang Yai to Bang Sue. As a result, the hefty loan from the Japanese government via the Japan International Cooperation Agency (JICA) will be replaced with a domestic loan.

The current overall loan of the Purple Line project is worth 35.3 billion baht.

The cabinet also assigned the Finance Ministry to decide on the exact loan sources and report any progress to the cabinet for further consideration.