ADB funds water, environment, transport projects

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SaigonTimes English - 38 month(s) ago 5 readings

HCMC – The Asian Development Bank (ADB) on Thursday signed a US$1.38 billion loan for Vietnam to carry out three projects worth US$4.5 billion to improve clean water access, forest conservation and expressway construction.

ADB funds water, environment, transport projects

By Tran Thu - The Saigon Times Daily

HCMC – The Asian Development Bank (ADB) on Thursday signed a US$1.38 billion loan for Vietnam to carry out three projects worth US$4.5 billion to improve clean water access, forest conservation and expressway construction.

Prime Minister Nguyen Tan Dung witnessed the signing between State Bank of Vietnam Governor Nguyen Van Giau and ADB President Haruhiko Kuroda.

The US$1 billion financial support facility from ADB will help improve clean water access for 3 million families in Vietnam’s cities, including half a million poor households who will receive their own piped water connection for the first time.

The assistance is part of a larger US$2.8 billion investment program.

A US$30 million loan from ADB’s concessional Asian Development Fund will enhance cross-border cooperation in protecting a contiguous stretch of biodiversity-rich forest in Vietnam’s Central Annamites, spanning the highlands of Quang Tri, Thua Thien-Hue and Quang Nam Provinces. It is part of a larger program that is also supporting the preservation of key forestland in Cambodia and Laos.

The third component of the assistance is a US$350 million loan, which is the first tranche of an overall US$636 million ADB package. This loan is used to support a US$1.6 billion project to construct a modern 57 kilometer expressway to the south of HCMC.

Ben Luc-Long Thanh expressway will begin from an intersection with HCMC-Trung Luong expressway and connect with Bien Hoa-Vung Tau expressway, going through Long An Province, HCMC and Dong Nai Province. The project is due for completion and be fully open in 2017. It’s expected to help reduce east-west travel time by 80% and cut the number of traffic accidents by 10%.

The 57 km motorway is among a link to the North-South expressway under a master project to develop Vietnam’s transportation facilities by 2020.

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