$300 million new financing aims to improve connectivity in Central Highlands and create more jobs in coastal provinces
Washington, June 22, 2017 – Vietnam will benefit from $300 million in new financing that will support its efforts to improve transport connectivity in the countryside and to protect forests along eight coastal provinces.
The two projects to receive financing, approved today 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. The World Bank fully supports Vietnam’s efforts to strengthen its resilience to climate change and to serve the needs of communities and businesses,” said Ousmane Dione, the World Bank Country Director for Vietnam. “These 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 and Hai Phong provinces. 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.
For more information, please visit: www.worldbank.org/vn