Banks sign deal to fund VNs urban upgradation
VGP - An additional credit for the project on upgrading Việt Nam’s urban areas was signed on September 10 in Hà Nội by the State Bank of Việt Nam (SBV) and the World Bank (WB).
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The additional fund worth US $160 million will be allocated to Hồ Chí Minh City (US $128.8 million), Cần Thơ City (US $11.2 million), Hải Phòng City (US $10.45 million) and Nam Định Province (US $9.15 million).
The project aims at eliminating poverty in these localities through improving low-income people’s lives and living environment by upgrading infrastructure as well as providing houses and establishing the housing fund.
Around two million people will benefit from the project which expires on December 31, 2014.
The project shows the Government’s commitment to tackling challenges of urbanization in a sustainable way.
The preferential loan will assist the Government in implementing socio-economic reforms and alleviating poverty.
In early 2004, the Vietnamese Government and WB committed to the “Urban upgradation project” financed with US $222.5 million from WB. In the fiscal year of 2009 alone, SBV has signed with WB ten programs, projects and additional credits valuing nearly US $1.5 billion in total.
By Thùy Dung
