WB finances highway, urban projects in Vietnam

January 13, 2012 | 08:55

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The World Bank (WB) will provide Vietnam loans of $973 million to carry out three projects, covering highway, urban development and poverty reduction.

An agreement and related legal documents to the three projects were signed in Hanoi on Thursday by State Bank of Vietnam Governor Nguyen Van Binh and WB Country Director in Vietnam Victoria Kwakwa.

Under the agreements, WB will provide $613 million to a $1.455 billion project to build a highway from Da Nang to Quang Ngai in the central region and build constitutional capacity of highway development for the Transport Ministry.

The bank will also provide $210 million to Vietnam to carry out a project to develop medium-scale urban areas in northern Lao Cai and Phu Ly cities and central Vinh city following a sustainable trend.

WB will give $150 million to the poverty reduction support credit programme 10 (PRSC 10), bringing total capital from WB for 10 poverty reduction programmes to $1.625 billion.

PRSC 10 is the last in a chain of PRSCs which have been carried out in Vietnam since 2001.

PRSC 10 was launched in May 2010, covering 12 areas, including finance and banking, education, healthcare and environment

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