Vietnam Govt Approves WB-funded Transport Project in Central Highlands

Vietnam’s Deputy Prime Minister Pham Binh Minh has ratified a project to enhance transport connectivity for the Central Highlands region, funded by the World Bank (WB), state media reported. The Deputy PM assigned the Ministry of Finance to work with the ministries of Transport, and Planning and Investment and agencies to build suitable financial mechanisms for submission to the prime minister for approval. He also demanded the Ministry of Transport to make a feasible study for the project while the Ministry of Planning and Investment (MPI) have to work with related agencies to appraise the foreign funding and reciprocal capital as well as capital balance capacity. The bank pledged $20.1 billion in soft loans and grants in the 1993-2015 period. Of the sum, $17.32 billion came from the International Development Association (IDA), focusing on transport, urban, agriculture, energy, education, health and policy reforming projects, according to the Ministry of Planning and Investment. The WB has announced it would stop offering preferential ODA to Vietnam from July 2017 as it has fully achieved the status of a middle-income country. (baodautu.vn Jan 20)