Thailand
World Bank approves $300mn finance for Vietnam’s transport connectivity, forest protection
The World Bank has approved new financing worth US$300 million to help Vietnam improve connectivity in Central Highlands and create more jobs in coastal provinces.
The new financing will support Southeast Asian country’s efforts to improve transport connectivity in the countryside and to protect forests along eight coastal provinces, the World Bank said on Thursday.
The two projects to receive financing, approved by the World Bank’s Board of Executive Directors, are the Central Highlands Connectivity Improvement Project and the Forest Sector Modernization and Coastal Resilience Enhancement Project.
“Investing in environmentally-sustainable projects is investing in the future of Vietnam,” Ousmane Dione, the World Bank Country Director for Vietnam, said in a statement.
“The World Bank fully supports Vietnam’s efforts to strengthen its resilience to climate change and to serve the needs of communities and businesses.”
Dione underlined that the latest two World Bank-funded projects are “vivid examples of our new Country Partnership Framework in action, a framework that strengthens Vietnam’s sustainability and economic development in the long term.”
Half of the funding will be channeled to the connectivity improvement project, which aims to upgrade 142 kilometers of National Highway 19, and strengthen safety and resilience to natural disasters.
Communities in the Binh Dinh and Gia Lai Provinces will benefit from easier access to markets, reduced travel time, and better road safety.
The upgraded highway is expected to serve up to 6,200 light motor vehicles per day.
The remaining $150 million will support the management of coastal forests in Quang Tri, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Thua Thien Hue, Quang Ninh Provinces and Hai Phong City.
More than 900 communities spread across 257 communes in the eight provinces will benefit from the jobs created from the rehabilitation of degraded forests, the protection of existing forests, and ensuing opportunities for eco-tourism and aquaculture.
Financing for the two projects is supported by the International Development Association (IDA), the World Bank’s fund for low income countries.
Source: http://tuoitrenews.vn/business/41759/world-bank-approves-300mn-finance-for-vietnams-transport-connectivity-forest-protection