WB to Fund US$70 Million for Climate Change Response

The World Bank (WB) recently approved the Vietnam Climate Change Development Policy Operation, the first of three such operations to support priority actions aimed at strengthening policies, strategies and institutions in order to respond to climate change.

 

A loan of US$70 million will come from the International Development Association - the World Bank's concessional lending resource for low income countries. The credit has a 25-year maturity with a five-year grace period.

 

The programme focuses on four policy goals under the three thematic pillars of adaptation, mitigation and cross-cutting issues, including climate-resilient development, lower carbon intensity, strengthening the capacity and preparedness to formulate, prioritise and implement climate change policies and strengthening the financing framework to support climate change action.