The World Bank approved the Vietnam Climate Change Development Policy Operation on Thursday, the first of three such operations to support priority actions aimed at strengthening policies, strategies and institutions in order to respond to climate change.
A loan of US$70 million will come from the International Development Association the World Bank's concessional lending resource for low income countries. The credit has a 25-year maturity with a five-year grace period.
The project aims to support Vietnam addressing climate change by adopting policies and strengthening its institutional capacity to promote development that is climate resilient and reduces carbon intensity .
It will focus on four policy goals under the three thematic pillars of adaptation, mitigation and cross-cutting issues.