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Economic News

Last updated: Wednesday, November 22, 2017

 

WB Supports Vietnam in Transport Connectivity and Coastal Forest Protection

Posted: Wednesday, June 28, 2017

The World Bank (WB) recently approved a US$300 million credit to support Vietnam to improve transport connectivity in the countryside and to protect forests along eight coastal provinces.

The two projects to receive financing are the Central Highlands Connectivity Improvement Project and the Forest Sector Modernisation and Coastal Resilience Enhancement Project.

Half of the funding will be channelled to the connectivity improvement project, which aims to upgrade 142 kilometres of National Highway 19, and strengthen safety and resilience to natural disasters. Communities in Binh Dinh and Gia Lai provinces will benefit from easier access to markets, reduced travel time, and better road safety. The upgraded highway is expected to serve up to 6,200 light motor vehicles per day.

The remaining US$150 million will support the management of coastal forests in Quang Tri, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Thua Thien Hue and Quang Ninh provinces and Hai Phong City. More than 900 communities spread across 257 communes in the eight provinces will benefit from the jobs created from the rehabilitation of degraded forests, the protection of existing forests, and ensuing opportunities for eco-tourism and aquaculture.

Financing for the two projects is supported by the International Development Association (IDA), the World Bank's fund for low income countries.

L.A








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