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World Bank to Provide US$160 Million Credit for Urban Upgrade - Vietnam Briefing News

Sept. 14 – The World Bank has announced that it will provide a US$160 million no-interest credit for urban upgrade projects in the cities of Can Tho, Haiphong, Ho Chi Minh and the Nam Dinh Province.

According to Nhan Dan, the extended credit will answer the financing gap that resulted from high levels of inflation in 2007-2008. The money will develop the poor areas located in the Tan Hoa-Lo Gom Canal in In Ho Chi Minh City.

The World Bank had already contributed US$225.5 million since the US$417.5 million urban upgrade project began in 2004 with the  goal of cutting hunger and poverty and more importantly improving  infrastructure and providing housing.

Vietnam has so far signed 10 programs with the World Bank and preferential loans worth a total of US$1.5 billion. “The assistance is an important source to support the Vietnamese government to pursue socio-economic reform, hunger elimination and poverty reduction program,” State Bank Governor Nguyen Van Giau told Nhan Dan.