Vietnam secures new funds from World Bank

Vietnam is set to receive $522 million in loans and credits from the World Bank as support for efforts to improve the country’s infrastructure, energy and agriculture sectors.

The funding will be used for three projects in line with the World Bank’s 2012-2016 country partnership strategy for Vietnam: the Mekong Delta Region Urban Upgrading Project, the Second Power Sector Reform Development Policy Operation and the Forest Sector Development Project.

The urban development project seeks to improve infrastructure and services in six cities along the Mekong Delta Region: Can Tho, My Tho, Cao Lanh, Ca Mau, Rach Gia and Tra Vinh. The bank’s $292 million contribution to the project will be used to rehabilitate roads, water supply and sanitation facilities, drainage, and other public facilities.

The power sector reform initiative will receive $200 million. This will finance the implementation of reforms to boost competition, transparency and predictability in Vietnam’s energy sector.

The third project, on forest sector development, aims to promote sustainable forestry across Vietnam’s priority conservation areas. The World Bank will provide an additional $30 million to the project over the next three years.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.