The World Bank on March 30 approved a total loan of USD570 million to support Vietnam’s development efforts.
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| Infrastructure development is one of Vietnam\'s top priorities |
The money will be used for four projects, namely Hospital Waste Management Support Project (USD150 million), Hai Phong Urban Transport Project (USD175 million), Additional Financing for the Second Transmission and Distribution Project (USD180 million) and Coastal Cities Environmental Sanitation Project (USD65 million).
Victoria Kwakwa, Country Director for the World Bank in Vietnam, said the funding is expected to help Vietnam’s infrastructure development and environment protection.
The loan includes a loan of USD180 million from the IBRD, the World Bank’s lending arm for middle income country, to scale up and reinforce Vietnam’s electricity transmission system.
The three remaining credits are provided by the International Development Association (IDA), the part of the World Bank that helps the world’s poorest countries.
Vietnam will need around USD26 billion per year for power generation, transmission and distribution between 2011 and 2015. One of Vietnam’s future challenges is meeting the increasing electricity demand in the most effective way in line with the national sustainable development strategy.
