World Bank approves $70 mln loan for Vietnam climate change operation

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The World Bank approved Thursday a US$70 million loan for the second Vietnam Climate Change Development Policy Operation.

As part of three operations to support Vietnam's institutional response to climate change, the credit provides parallel financing under a multi-donor budget support program for the government's Support Program to Respond to Climate Change.

Accordingly, the Japan International Cooperation Agency (JICA) and the French Development Agency, or AFD, will jointly provide $145 million.

The Australian Agency for International Development (AusAID) will contribute around $8.3 million and Korea Eximbank will contribute $30 million, bringing total funding to about US$253 million.

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The operation will focus on the water and energy sectors, integrate climate change into development planning and create a more conducive environment for climate financing.

The credit will come from the International Development Association the WB's concessional lending resource for low income countries.

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