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New Bangkok Metro Lines get $311 million financing from ADB

The number of private cars in Southeast Asia has more than doubled since 2000, and 30 million more passenger cars are expected to be added by 2040.

Asian Development Bank

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BANGKOK, THAILAND (4 June 2019)— The Asian Development Bank (ADB) signed an agreement with a financing package of 9.9 billion Thai baht ($311 million equivalent) for the construction and operation of the Pink and Yellow lines of Bangkok’s mass rapid transit (MRT) system.

“Bangkok’s continued status as one of Southeast Asia’s global business hubs depends on relieving traffic congestion and increasing sustainable public transport services,” said Deputy Director General of ADB’s Private Sector Operations Department Mr. Christopher Thieme.

“ADB’s assistance will catalyze commercial financing for Thailand’s MRT sector and help provide a wider choice of affordable and efficient public transport for Bangkok’s rapidly growing population.”

“ADB’s involvement as a lender enhanced the overall bankability of the project by providing a long tenor repayment profile. It will provide more flexibility on cashflow management and help mitigate ridership risk at the opening stage of the project,”

BTS Group Holdings Public Company Limited Executive Director and Deputy Chief Executive Officer Mr. Terence C. K. Kong

“This enables us to deliver a successful project and a public transport option that will be efficient, safe, and environmentally friendly.”

The agreement was signed by Mr. Thieme and Mr. Kong, at a ceremony in Bangkok. Senior officials from ADB and BTS Group Holdings Public Company Limited also attended the event.

ADB’s financing package is comprised of two B4.95 billion loans to the Northern Bangkok Monorail Company Limited (NBM) and the Eastern Bangkok Monorail Company Limited (EBM) for the construction and operation of the two new lines. These will add to the five existing lines currently operating in Thailand’s capital area.

The Pink Line, under NBM, will operate between Min Buri district in Bangkok and Khae Rai in Nonthaburi province, with a total length of about 34.5 kilometers (km). EBM’s Yellow Line will operate between Lat Phrao in Bangkok and Samrong in Samut Prakan province with a total length of about 30 km.

Bangkok is famous for its heavy traffic congestion with some studies including it among the most congested cities in the world.

The proportion of travelers using mass rapid transit as a share of total transit in Bangkok remains low as compared with peer cities.

The number of private cars in Southeast Asia has more than doubled since 2000, and 30 million more passenger cars are expected to be added by 2040.

Bangkok street traffic
The number of private cars in Southeast Asia has more than doubled since 2000

The new lines will help cut down on air pollution from vehicles and greenhouse gas emissions, while tackling traffic congestion.

NBM and EBM are special purpose vehicles established by BSR Joint Venture (BSR) to operate the Pink and Yellow MRT lines, respectively. BSR is a joint venture comprising BTS Group Holdings Public Company Limited, Sino-Thai Engineering and Construction Public Company Limited, and RATCH Group Public Company Limited.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

Source : https://www.adb.org/news/adb-private-sector-financing-supports-two-new-bangkok-metro-lines

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Four Thai banks Probed Over Anti-Money Laundering Investigations

Four Thai banks allegedly involved in suspicious financial transactions are under investigation from the Anti-Money Laundering Office (Amlo)

Olivier Languepin

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The Anti-Money Laundering Office (Amlo) is currently investigating an international report claiming that four major Thai banks were involved in suspicious financial transactions, according to the International Consortium of Investigative Journalists’ report referring to alleged leaked files from the Financial Crimes Enforcement Network of the US.

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Thai economy continued to improve in July, says Bank of Thailand

In July 2020, the Thai economy continued to improve, driven by public spending and the relaxation of lockdown measures both in Thailand and abroad, said Bank of Thailand.

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seaport during golden hour

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Bank of Thailand (BOT) to help Multi-Creditors Businesses Lessen Their Debt Burdens

The program aims to provide a mechanism for multi-creditors businesses to lessen their debt burdens and support coordination among multiple creditors.

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The program aims to provide a mechanism for multi-creditors businesses to lessen their debt burdens and support coordination among multiple creditors.
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