[March 20th] France provides loan for Hoi An anti-erosion project

The French Development Agency will provide 42 million euros (US$45.7 million) between now and 2028 to fund works to prevent coastal erosion in Hoi An City.

The Ministry of Finance and the European Union (EU) on Friday signed an agreement for the Hoi An Erosion Prevention and Sustainable Coastal Protection project.

Of the 42 million euros, 35 million euros are a loan from the AFD, two million euros are in the form of non-refundable aid from the EU, and five million euros are Vietnam’s counterpart fund.

The work comprises building seven concrete embankments and pouring sand to create a beach along a five-kilometer stretch of coast along Cua Dai Beach.

The goal is to restore the coast to support tourism and associated services, creating jobs for locals.

When the work is completed, it will protect people’s lives and lands, houses and other properties, and tourism and resort infrastructure on an area of 3.2 km2. More than 1,300 families live there.

Oliver Brochet, France’s ambassador to Vietnam, said his government wishes to support Vietnam through the AFD in achieving its priority goals for coping with climate change.

He hoped the project would address the issues of flooding and erosion, enable economic development and improve living conditions for local people.

Source: VN Express