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INVESTMENTON-GOING PROJECTS

WB provides 560 million USD in loans for Mekong Delta climate change projects

Updated at Tuesday, 12 Jul 2016, 17:39
KTĐT - Governor of the State Bank of Vietnam (SVB) Le Minh Hung and World Bank Acting Country Director for Vietnam Achim Fock signed an agreement on July 11 to provide Vietnam with 560 million USD in loans to implement climate change response projects in Mekong Delta localities. 
 
Governor of the State Bank of Vietnam Le Minh Hung and World Bank Acting Country Director for Vietnam Achim Fock signed an agreement on July 11.
Governor of the State Bank of Vietnam Le Minh Hung and World Bank Acting Country Director for Vietnam Achim Fock signed an agreement on July 11.
According to the deal, 250 million USD will be invested in the Can Tho Urban Development and Resilience Project, to reduce flood risk and improve connectivity between Can Tho city center and the new urban areas.
The project is expected to benefit 420,000 locals and help the municipal government to manage natural disaster risks more effectively. 
The project supports the construction of surrounding embankment, tidal gates/valves and improved rainwater storage and drainage systems, as well as other non-structural measures to help the city manage urban flood risk. 
Under the project, management systems will also be built to improve spatial planning, data and information management and public financial management.
Meanwhile, the remaining 310 million USD will be poured in the building of climate change resilience capacity and ensuring a sustainable livelihood for 1.2 million people in nine Mekong Delta localities affected by climate change, saltwater intrusion, seashore landslides and flooding. 
Acting Country Director for the World Bank in Vietnam Achim Fock said that recent extreme weather conditions in the Mekong Delta region, including floods, drought and saltwater intrusion, have negatively impacted the living of people from both urban and rural areas, most of whom are poor. 
He stressed that the the two recently-signed projects will contribute to support the Mekong Delta region in adapting to climate change in a sustainable manner.
The Mekong Delta Integrated Climate Resilience and Sustainable Livelihoods Project supports better climate-smart planning and improved climate resilience of land and water management practices. 
The project will benefit farmers (especially rice) in the upper delta provinces and aquaculture farm and fisher-folk households along the coastal provinces in the region.
The project is a critical part of the World Bank’s long-term engagement in the Mekong Delta to strengthen integrated adaptive delta management by bringing together the different sectors and provinces to plan, prioritize, and implement resilient investments.
SBV Governor Le Minh Hung affirmed that the signing of the agreement shows the importance of the Mekong Delta and the consideration of both Vietnam and international sponsors to the region. 
The agreement raises total funding by the WB to the region to over 1.4 billion USD, focusing on infrastructure development, transportation, health care, poverty reduction and climate change response, the SBV Governor noted.
Thu Minh
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