ADB and Korea supports socio-economic development of Thanh Hoa City

Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) and Mr. Ayumi Konishi, Country Director for Vietnam of the Asian Development Bank (ADB), signed a loan agreement for the comprehensive socio-economic development project of Thanh Hoa City on April 17.

The US$72 million loan is provided by ADB to develop and upgrade urban infrastructure in the City of Thanh Hoa in Central Vietnam. The signing ceremony was attended by Mr. Nguyen Van Loi, Secretary of the Communist Party Committee of Thanh Hoa province, Mr. Mai Van Ninh, Chairman of the People’s Committee of Thanh Hoa province, and representatives of relevant ministries and municipal and provincial departments.

The comprehensive socio-economic development project of Thanh Hoa City is planned to be completed in December 2014, aiming at supporting local socio-economic development through investment in upgrading infrastructure in the city center and connecting with the adjacent areas.

The project includes expansion of water supply network, improvement of 38-kilometer water pipes and construction of 27 kilometer sewage system and several water processing facilities. In addition, the project will help to improve training facilities and develop tourist infrastructure in Ham Rong, Mat Son and the city center, thereby contributing to improving labor productivity and enhancing competitiveness of the local industry.

ADB will also provide a $2 million grant through its Water Financing Partnership Facility (WFPF) for capacity building of the Water Supply and Urban Environment Companies of Thanh Hoa City and introduce certain measures of institutional reform to attract external investment and provide better services.

Under the framework of this project, a $32.7 million loan agreement was also signed with EXIMBANK of the Republic of Korea to finance the construction of a 11-kilometer ring road and the accompanied services, with the aim of reducing traffic jam in the city center and building another 11-kilometer ring road and branch routes connecting with surrounding areas.

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