10:45:12 AM | 26/11/2007
The World Bank on November 22 in Hanoi said it will use US$457 million in soft loans from its International Development Association (IDA) to fund Vietnam to improve its education and infrastructure in the near term.
The World Bank country director, Ajay Chhibber and governor of State Bank of Vietnam, Nguyen Van Giau signed the credit deal for four education and infrastructure improvement projects totaling US$712 million.
Ajay Chhibber said with the pledged loans the bank will give priorities to help Vietnam carry out its development plans.
The Australian Agency for International Development (AusAID) will provide US$25 million, and the government of Vietnam will provide the balance in reciprocal capital with the Japanese government’s non-refundable aids.
WB will fund US$59.4 million for the Second Higher Education Project valued at US$70.5 million, which is aimed at increasing the quality of teaching and research in universities in ways that improve the employability of graduates and the relevance of research in Vietnam.
The bank will finance US$207.7 million for the four-component Mekong Delta Transport Infrastructure Development Project totaling US$312.1 million to improve access to markets by businesses, farmers and the poor with lower logistics costs, and fund US$165.01 million for the three-component Hanoi Urban Transport Development Project capitalized at US$304.69 million to increase mobility in the targeted areas.
WB will provide another credit worth US$25 million for transport and flood prevention project in Mekong Delta region.
Last week, WB and Vietnam signed a credit agreement for Ho Chi Minh City’s infrastructure development fund. (WB’s Press Release)
Vietnamese
