HCM City prioritises funding to boost sustainable development

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VietNam News English - 39 month(s) ago 7 readings

HCM City authorities have decided to not give priority to funding projects that do not result in sustainable development, Nguyen Thanh Tai, deputy chairman of the People's Committee of HCM City, said.

HCM CITY —

This decision would ensure that necessary infrastructure is available for economic development and investment attraction as the government tightens public investment.

The city would give priority to roads, parking, anti-pollution, public health and education projects, Tai added at a meeting of the HCM City People's Council on July 13-14.

In addition, it will use Official Development Assistance funds for metro routes, railways, overhead highways, and drainage and flood-prevention programmes.

Tai said the city was focusing on carrying out metro line No 1 financed by the Japan Bank for International Co-operation's ODA; metro line No 2 and No 3 funded by the Asian Development Bank (ADB) and German bank KfW; and metro line No 5 pledged to provide EUR833 million in ODA by Spain.

In addition, it will continue key traffic construction projects, including provincial road 10B; provincial road 10 from Long An Province to Tan Tao Bridge; upgrade of the north and south banks of Nhieu LocThi Nghe Canal; upgrade of Go Dua Intersection, Phu Long Bridge and Rach Tra Bridge; and upgrade of Nguyen Thi Thap Street, using budget funds, ODA, or investment capital under BT (Build-Transfer) or BOT (Build-Operate-Transfer) forms.

The city would implement measures to ensure progress on projects in an aim to cut expenditures, minimise waste and improve residents' lives, Tai said.— VNS

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