The World Bank will loan an additional US$160 million to a number of infrastructure projects in Vietnam to fill a financing gap caused by high 2007-09 inflation.
The urban projects are located in Can Tho, Hai Phong, Nam Dinh and Ho Chi Minh City, according to a World Bank press release, which said the international lender and the central bank of Vietnam signed an agreement on the credit Thursday.
The loan will also be used to finance the improvement of the Tan Hoa-Lo Gom Canal in Ho Chi Minh City, which is a source of direct pollution and flooding, according to the release.
The statement quoted Victoria Kwakwa, World Bank’s Country Director for Vietnam, as saying the urban upgrading projects demonstrate “the government’s commitment to addressing the urbanization challenge in a sustainable manner.”
“Urbanization will remain one of the country’s central development challenges over the next several decades,” she said.
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