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Friday, June 21, 2024

WB to provide US$5-7 billion for Vietnam infrastructure projects

The Saigon Times

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HCMC – The World Bank (WB) is considering extending financial support ranging from US$5 billion to US$7 billion to Vietnam for the implementation of major traffic infrastructure projects over the next three years.

Minister of Transport Nguyen Van Thang met with Carolyn Turk, country director of the World Bank in Vietnam, on October 16 to discuss ongoing traffic infrastructure projects and future plans.

This meeting follows a meeting in September between the WB country director and Prime Minister Pham Minh Chinh, during which the prime minister asked the global lender to fund the development of railways, expressways, highways and other infrastructure projects in major cities over the next three years.

Minister Thang said some vital projects would require funding from the WB, including waterway corridor and logistics development projects in the south, the Bien Hoa-Dong Nai railway project, Pleiku-Quy Nhon expressway and Cam Lo-Lao Bao expressway.

Relevant authorities are expediting the completion of pre-feasibility and feasibility studies for these projects, aiming to make them available for the WB’s consideration and enable the execution of loan agreements by the end of this year.

Thang also proposed that the WB provide technical assistance to Vietnam in projects related to greenhouse gas emissions reduction in transportation and the realization of the net zero commitments made by Vietnam at the UN Climate Change Conference in Glasgow (COP26).

Turk expressed the WB’s willingness to support infrastructure development in Vietnam. She also committed to exploring additional sources of funding for the country’s technical assistance projects, aimed at promoting modernization, digital transformation, and improving the post-investment quality of infrastructure projects.

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