Yoon-sang Kim, 2nd Vice Minister of the Ministry of Economy and Finance
Visit to Construction Site Near Yeongdeungpo Station
Kim Yunsang, the 2nd Vice Minister of the Ministry of Economy and Finance, visited the construction site of the Sinansan Line double-track railway private investment project near Yeongdeungpo Station on the 11th and urged timely opening.
The Sinansan Line double-track railway is being constructed at a deep underground depth of below 40m and will operate at a maximum speed of 110 km/h as a metropolitan railway. Upon opening, it is expected to reduce the travel time from Ansan to Yeouido from 100 minutes to a maximum of 25 minutes.
Vice Minister Kim urged timely opening through thorough preparation and strict execution management. He stated, "This year, large-scale projects like the Sinansan Line double-track railway will be selected as priority management targets for focused oversight. In particular, for newly launched projects, we will actively utilize the advance compensation fund system to further expand the scale of execution," and instructed to carefully monitor winter season site risk factors.
The advance compensation fund system is a system where compensation costs are initially invested by the private sector and repaid the following year with funds from the competent authority.
Meanwhile, the government discovered private investment projects worth 18 trillion won last year and signed agreements worth 6.9 trillion won. The scale of execution this year is expected to increase by 1 trillion won compared to last year (4.35 trillion won).
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