ADB helps upgrade Thanh Hoa’s infrastructure, services

The Asian Development Bank (ADB) has approved a loan worth US$72 million to help the north-central city of Thanh Hoa develop and upgrade its key urban infrastructure and services.

The loan, approved by ADB’s Board of Directors, will finance a large portion of the US$118 million Thanh Hoa City Comprehensive Socio-economic Development Project, which is part of the Government’s plan to promote sustainable development in Vietnam's mid-sized cities.

Under the project, Thanh Hoa will upgrade its infrastructure, boost skills and human resources, build up the capacity of key service agencies and enhance tourism potential.

The loan, which was sourced from the bank’s concessional Asian Development Fund, has a 32-year term, including an 8-year grace period with an interest rate of 1 percent a year, and a rate of 1.5 percent for the rest of the term.

The project is expected to be completed in June 2014.

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