WB approves US $502 million loan for three projects

The World Bank (WB) has approved US $502 million worth of credit for infrastructure development, power supply and rural finance projects in Vietnam.

WB Country Director Ajay Chhibber said the funding manifests the bank’s commitment to helping Vietnam resolve challenges during its development process.

The director went on to say that infrastructure, power supply and rural finance are the areas that Vietnam should pay attention to if it wants to maintain continued growth and equality.

The infrastructure upgrade project in central Da Nang city has a total investment of US $218.46 million, to which the WB’s International Development Association (IDA) will contribute US $152.44 million.

The rural power distribution project has a total cost of US $206.28 million, which includes US $150 million from IDA and US $3 million from the Australian Agency for International Development.

The rural financial assistance project III is aimed at helping the private sector and family businesses in rural areas access loans. IDA will provide US $200 million worth of credit for the US $230 million project.

VNA

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