WB Okays US$309Mln for Vietnam's Reforms, Development
The World Bank’s International Development Association (IDA) has approved a US$309.4 million credit for four projects, helping Vietnam’s reforms, and social and infrastructure development.
The four beneficiary projects are: (1) the Sixth Poverty Reduction Support Operation, (2) the Second Higher Education Project, (3) the HCM City Investment Fund for Urban Development Project, (4) and the Mekong Transport and Flood Protection Project.
“This reflects the fact that Vietnam continues being prioritized in the World Bank’s list, and that Vietnam keeps performing well in yielding project results.” said Laurent Msellati, the Acting Country Director for the World Bank in Vietnam
WB will provide US$175 million for PRSC 6 in recognition of Vietnam’s outstanding performance in economic growth and poverty reduction.
Co-funded by 11 international donors, PRSC is expected to help make Vietnam become a middle-income country by 2010.
WB will finance US$59.4 million in credit, out of the total US$70.5 million for the Second Higher Education Project, which aims to improve the quality of teaching and research in universities.
WB will fund US$50 million credit, in addition to US$30 million from the private sector for the HCM City Investment Fund for Urban Development (HIFU) Development Project.
HIFU is expected to develop as a model Local Development Investment Fund and increase participation of private sector in financing municipal infrastructure projects in HCMC.
WB will provide additional US$25 million for the construction of the Ganh Hao II Bridge in Ca Mau City. It will also rehabilitate 58 kilometers of roads in the extended transport system in the Mekong Delta region. (Investment, Vietnam Law, Banking Times)
Vietnamese
