WB Finances $126.9M for Climate Resilience Project in Vietnam Vinh Long

The World Bank (WB) and the Vietnamese government have sealed a $126.9 million financing agreement to carry out the urban development and enhanced climate resilience project in Vinh Long city of the Mekong Delta namesake province, local media reported. The credit will be provided through the WB’s International Development Association (IDA). The project with a total cost of $202.2 million will help remove constraints to development in the urban core area through the development of flood control systems, drainage, wastewater collection and treatment, and investment in key urban roads. Nearly half of its funding will be used to develop flood risk mitigation measures, including embankments and tidal sluice gates, rehabilitation and upgrades of the canal and drainage system, and investments in green infrastructure to retain and infiltrate rainwater. Besides, it will support the building of three strategic roads that will improve the intercity connectivity and further enhance the city’s flood protection capacity. Earlier, the Netherlands gave a $19.5 million grant to Vinh Long to run the project. The balance of the project cost will be funded by the Vietnamese government. (BizLIVE, Kinh Te va Du Bao, BizLIVE 1, www.worldbank.org)