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UNITED STATES,VIET NAM : WORLD BANK inks $973.5 million agreement with STATE BANK OF VIETNAM
Publish Date : 17-Jan-2012
In order to support the development of modern infrastructure, State Bank of Vietnam and the World Bank has entered into agreement on three projects totaling US$973.5 million.
The Fund will be used to finance the Da Nang-Quang Ngai Expressway Project , the Medium Cities Development Project and the 10th Poverty Reduction Support Credit respectively.
The Da Nang-Quang Ngai Expressway Project worth $613.5 million will enhance efficiency and safety for drivers traveling between Da Nang City and Quang Ngai Province, and build institutional capacity for further expressway development in Vietnam\'s Ministry of Transport.
The Medium Cities Development Project worth $210 million is expected to provide better urban infrastructure for up to 520,000 people in 3 cities namely Lao Cai, Phu Ly and Vinh. Upon completion of the project, people in the three cities are expected to benefit from access to improved water sources, sanitation, transport system, and a more sustainable urban asset management plan.
The $150 million 10th Poverty Reduction Support Credit deals into policy and institutional reforms under four main themes of the 2006-11 Socio-economic Development Plan. PRSC 10 is the last in a series of 10 credits, aimed at supporting Vietnam\'s reforms in order to reduce poverty and strengthen co-ordination among ministries and Government agencies.
Along with these projects upgradation of six urban areas in the Cuu Long (Mekong) Delta region has also been approved.
The upgradation project is part of a national strategy to improve living conditions for people in the region by 2020. The project carry total investment of $600 million, 65% of which was funded by the World Bank and the remaining came from Vietnam.
Upon completion, almost 142,000 people directly and 1.4 million indirectly gets its benefits.
