US$ 300 million project invested for rural transport and coastal forest protection
The World Bank (WB) has ratified a loan worth US$ 300 million for Vietnam to reinforce transport connectivity in rural areas and protect forests along eight coastal localities.
Two projects on the Central Highlands connectivity improvement and the forest sector modernization and coastal resilience enhancement will get the loan.
"These projects are vivid examples of our new Country Partnership Framework in action, a framework that strengthens nation’s sustainability and economic development in the long term,”said Mr. Ousmane Dione. 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.
The upgraded highway is expected to serve up to 6,200 light motor vehicles per day. Meanwhile, communities in the Binh Dinh and Gia Lai provinces will benefit from easier access to markets, reduced travel time, and better road safety.
More than 900 communities spread across 257 communes in Quang Tri, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Thua Thien-Hue, Quang Ninh provinces and Hai Phong city will benefit USD150 million from the jobs created from the rehabilitation of degraded forests, the protection of existing forests, and ensuing opportunities for eco-tourism and aquaculture. Financing is supported by the International Development Association, the World Bank's fund for low-income countries.
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