WB provides nearly US$195 million for four localities in VN
VGP - The World Bank Board of Executive Directors has approved a US$194.36 million credit to help four secondary cities in Viet Nam build critically-needed municipal infrastructure and strengthen urban planning.
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Approximately 200,000 residents are expected to benefit directly from project activities, of which more than half are women.
The project will help reduce flood risks, improve sanitation, reduce travel times on new and improved roads, and develop high-quality public spaces. The project will also improve connectivity to Industrial Parks, Export Processing Zones, commercial establishments, and tourist attractions, benefiting workers and merchants as well as visitors.
These improvements in turn are expected to help boost productivity, enable exports, create more jobs, and help generate sustained economic growth.
Secondary cities are set to play an increasingly important role in Viet Nam’s growth poles through efficient movement of goods, people, services, and information, said World Bank Country Director for Viet Nam Ousmane Dione.
These four selected cities have demonstrated significant potential to become dynamic economic hubs at the provincial and regional levels, he said, adding that this operation would help to fill the infrastructure gap by providing much-needed financing to deliver quality services with lessons and best practices gained from World Bank engagements in other cities around the world.
The total cost of the project is US$276.17 million, of which US$194.36 million comes from International Development Association (IDA).
By Thuy Dung
