Nearly US$1 billion in extra aid for infrastructure
16/01/2012 09:12 am
News - The central bank on Thursday signed credit agreements with the International Bank for Reconstruction and Development (IBRD) under the World Bank and the International Development Association (IDA) for total loans worth US$973.5 million to develop infrastructure in Vietnam.
According to the World Bank, some US$613.5 million will be poured into Danang-Quang Ngai Expressway. US$210 million will go to the Medium Cities Development Project and the remaining US$150 million to the 10th Poverty Reduction Support Credit.
“This is the first time that the World Bank is financing the development of an expressway in Vietnam. This is in recognition of Vietnam’s need for modern infrastructure as it addresses emerging challenges of a lower middle income country,” said Victoria Kwakwa, country director for the World Bank in Vietnam.
“The other credits signed on Friday are expected to provide urban infrastructure in three medium cities with potential for development in their region, and contribute to implementation of Vietnam’s reform.”
The Danang-Quang Ngai Expressway scheme will build an expressway to strengthen the efficiency and safety for road users traveling from Danang City to the central province of Quang Ngai and vice versa. The expressway will connect National Highway 1A with the southern area of Danang City and Quang Ngai Province.
The Medium Cities Development Project is expected to provide better infrastructure for 520,000 residents in Lao Cai, Phu Ly and Vinh cities. Thanks to the scheme, people in the three cities will have the opportunity to access cleaner water resources, better sanitary conditions and transport system as well as more comprehensive and sustainable urban management plan.
The 10th Poverty Reduction Support Credit will support policy and mechanism reforms subject to four main subjects of the 2006-2011 socioeconomic development. These themes comprise of business environmental development, social integration, natural resources management and modern governance.
According to the World Bank, some US$613.5 million will be poured into Danang-Quang Ngai Expressway. US$210 million will go to the Medium Cities Development Project and the remaining US$150 million to the 10th Poverty Reduction Support Credit.
“This is the first time that the World Bank is financing the development of an expressway in Vietnam. This is in recognition of Vietnam’s need for modern infrastructure as it addresses emerging challenges of a lower middle income country,” said Victoria Kwakwa, country director for the World Bank in Vietnam.
“The other credits signed on Friday are expected to provide urban infrastructure in three medium cities with potential for development in their region, and contribute to implementation of Vietnam’s reform.”
The Danang-Quang Ngai Expressway scheme will build an expressway to strengthen the efficiency and safety for road users traveling from Danang City to the central province of Quang Ngai and vice versa. The expressway will connect National Highway 1A with the southern area of Danang City and Quang Ngai Province.
The Medium Cities Development Project is expected to provide better infrastructure for 520,000 residents in Lao Cai, Phu Ly and Vinh cities. Thanks to the scheme, people in the three cities will have the opportunity to access cleaner water resources, better sanitary conditions and transport system as well as more comprehensive and sustainable urban management plan.
The 10th Poverty Reduction Support Credit will support policy and mechanism reforms subject to four main subjects of the 2006-2011 socioeconomic development. These themes comprise of business environmental development, social integration, natural resources management and modern governance.
Source: SGT
.:: Other news
• Government invests in rural infrastructure (15/05/2012)
• HCM City to borrow more from WB for infrastructure (09/05/2012)
• Nearly VND350 billion to build more flyovers in Hanoi (09/05/2012)
• ADB helps develop infrastructure in Northern provinces (07/05/2012)
• Capital a handicap for rural infrastructure (04/05/2012)
• Tokyu sees profit from $1.2 billion Vietnam town in 2014 (03/05/2012)
• Ayala Corp. invests in infrastructure, water firms in Vietnam (03/05/2012)
• VND50 billion for HCM city’s new street dividers (25/04/2012)
• Investment in Formosa cast iron and steel project increases to US$ 22 billion (23/04/2012)
• Dung Quat economic zone needs 7.5tr dong for infrastructure development till 2015 (19/04/2012)
• HCM City to borrow more from WB for infrastructure (09/05/2012)
• Nearly VND350 billion to build more flyovers in Hanoi (09/05/2012)
• ADB helps develop infrastructure in Northern provinces (07/05/2012)
• Capital a handicap for rural infrastructure (04/05/2012)
• Tokyu sees profit from $1.2 billion Vietnam town in 2014 (03/05/2012)
• Ayala Corp. invests in infrastructure, water firms in Vietnam (03/05/2012)
• VND50 billion for HCM city’s new street dividers (25/04/2012)
• Investment in Formosa cast iron and steel project increases to US$ 22 billion (23/04/2012)
• Dung Quat economic zone needs 7.5tr dong for infrastructure development till 2015 (19/04/2012)