Vietnam Okays US$200 Mln for WB-funded Rural Energy Project
The Vietnamese government recently approved an additional US$200 million loan from the World Bank (WB) for Rural Energy Phase II (RE II) project.
The RE II, which is slated for 2008 and 2009, costs a total of US$329.5 million, including a 40-year loan worth US$220 million from the WB, and US$5.25 million from the Global Environment Fund.
The project will benefit 1,200 communes in 30 cities and provinces across the country, which is expected to reduce the power leakage rate in rural areas to 10 per cent.
The WB has pledged to provide US$175 million in soft loans for Vietnam to boost economic growth and reduce poverty.
The bank has committed to provide US$800 million a year to Vietnam over the next five years.
The power-thirsting country is taking some drastic measures to supply electricity for all of households in the country by 2050. (News Hanoi, News)
Vietnamese
