WB provides more money for VN’s infrastructure development

The amount of money comes from the WB’s source of preferential interest rates.

The WB Board of Directors announced that an additional sum of US $160 million for the Urban Upgrading Project will fuel sub-projects in Cần Thơ, Hải Phòng, Nam Định and Hồ Chí Minh City (HCMC).

In addition, part of it will fund the improvement of the polluted Tân Hóa–Lò Gốm Canal in HCMC.

The Urban Upgrading Project has been benefiting about two million poor people of many cities in Việt Nam.

Though the new additional fund, the WB hopes to improve living conditions and environment for another 1 million people in the Tân Hóa–Lò Gốm Canal, said Dean A. Cira, Urban Sector Coordinator for the World Bank in Việt Nam.

The rest US $190 million in the credit will be given to the Local Development Investment Funds Project which targets to balance the financial source from the private sector for urban infrastructure building and to strengthen the financial, technical, social and environmental management of the funds.

By Kim Anh