WB Provides $86.3M to Help Vietnam Promote Investment in Energy Savings

The World Bank (WB), on behalf of the Green Climate Fund (GCF), has recently signed an agreement with the State Bank of Vietnam to grant $86.3 million to promote the investment in energy efficiency, state media reported. The grant includes a non-refundable aid worth $11.3 million and a guarantee worth $75 million. The non-refundable aid will spend $8.3 million on developing the capability for the private sector in identifying, evaluating, and implementing energy efficiency projects. It will also provide technical assistance to the Ministry of Industry and Trade and relevant agencies to improve policies and regulations to promote the development of the energy-saving market in Vietnam. The remainder will be used to set up a risk-sharing fund to assist local commercial banks in providing loans to energy efficiency projects. The fund is expected to mobilize about $250 million from commercial finance sources. The total investment needs for energy savings and efficiency of some key industries in Vietnam are estimated at around $3.6 billion. (VTV, Bao Chinh Phu, CafeF, cmsbhq.Hai Quan, QDND, vnbusiness, Thoi Bao Ngan Hang, Nhan Dan, Hanoi Moi, Bao Quoc Te, VnExpress)