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World Bank helps upgrade Da Nang infrastructure
The agreement and related papers of a US$218.46 million project to upgrade central Da Nang city’s urban and environment infrastructure was signed in Hanoi on August 28 between the State Bank of Vietnam and the World Bank (WB).
Of the sum, US$152.44 million comes from the WB and the remaining from the national budget.
The Da Nang Priority Infrastructure Investment Project aims to improve the efficiency, effectiveness and sustainability of urban services in Da Nang City through urban area upgrading, environmental infrastructure improvement and strategic road construction in selected areas. The project is also expected to strengthen institutional capacity for investment planning and management of urban services.
The project will also improve the quality of life in a city with a very strong track record in terms of urban development, said Martin Rama, the World Bank’s Acting Country Director for Vietnam.
Speaking at the signing ceremony, the Chairman of Da Nang municipal People’s Committee, Tran Van Minh, said that the city will do it utmost to fulfill its commitments mentioned in the agreement.
The first phase of the project will be implemented from 2008 to 2010 and second phase from 2009 to 2013.
VOV
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