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WB lends VN US$190 mil for infrastructure development
The World Bank (WB) has pledged to give a credit of US$190 million to help Vietnam develop its infrastructure.
The Local Development Investment Funds Project to foster public-private partnerships and generate more funding for infrastructure development was signed by the representatives from the WB and the State Bank of Vietnam in Hanoi on August 12.
Speaking at the signing ceremony, Governor of the State Bank of Vietnam Nguyen Van Giau said that the implementation of the project in the coming time is of great significance.
He added that the demand for infrastructure investment in Vietnam is increasing remarkably as the country goes through rapid urbanisation and a shortage of infrastructure investment would hinder the country’s economic growth.
Meanwhile, Victoria Kwakwa, the WB’s Country Director for Vietnam said that the project sets a new benchmark for the bank’s work in infrastructure/municipal finance in Vietnam.
“It will open up an innovative channel for capital mobilisation for municipal infrastructure development through public private partnership, which has proved successful elsewhere,” she added.
The WB is committed to lending Vietnam a preferential loan package of over US$9.83 billion for 91 projects and programmes. The package does not include the WB’s refundable technical assistance to Vietnam.
vov, vietnamplus
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