[May 30th] World Bank to lend $11B to Vietnam over next 5 years

The World Bank has offered Vietnam US$11 billion over the next five years to finance major infrastructure projects.

Its vice president, Manuela V. Ferro made the offer at a meeting with Prime Minister Pham Minh Chinh Monday, who said he expected concessional financing.

He suggested lending to large and transformative projects such as Hanoi’s metro (Van Cao – Lang Hoa Lac section), the Ho Chi Minh City – Can Tho railway, clean energy plants, and the one-million-hectares of high-quality rice initiative.

He assigned a deputy prime minister to directly oversee and control the progress on a monthly basis.

Ferro agreed that the loans should be directed towards large and high-impact projects.

In recent years the bank has provided around $25 billion to Vietnam for socio-economic development projects.

Source: VN Express