The amount is part of the central government’s budget plan for this year, which was approved by the National Assembly on Jan. 1.
A feasibility study on the massive urban transport project began in December 2012, Gyeonggi officials said.
Gyeonggi Province has pressed ahead with the project in an effort to ease traffic congestion in Seoul and surrounding areas.
The GTX consist of 3 lines with a combined length of 140.7km. One of them links KINTEX in Ilsan to Dongtan in Hwaseong, with length of 46.2km. A 48.7km-long line connects Songdo in Incheon with Cheongnyangni in Seoul, whereas the last one, 45.8km long, connects Uijeongbu with Geumjeong.
With a maximum speed of 200km per hour, GTX trains can travel at a speed of 100km, about three times the speed of subway trains.
Gyeonggi officials said the GTX will help citizens cut commuting time by about 70 percent. Commuting between Samseong-dong in southern Seoul, to Ilsan will be reduced from the current 83 minutes to 22 minutes.
The project will cost more than 13 trillion won. Completion is due for September 2016.
By Keat Min Woo
Aju Business Daily intern
reporter
Park Sae-jin
swatchsjp@ajunews.com