The World Bank (WB) has agreed to lend Vietnam US$450 million to further improve Ho Chi Minh City’s environment and sanitation.
According to agreements signed by the both sides Thursday, the funding, which goes to the Second Ho Chi Minh City Environmental Sanitation Project
, will improve the environment by treating wastewater, strengthen institutional capacity to manage sanitation and wastewater services, and increase public awareness on the benefits of improved sanitation practices.
The project will "increase the quality of life for about 1.3 million residents," said Victoria Kwakwa, World Bank Country Director to Vietnam.
The total project cost is US$495 million, of which US$250 million will be financed through a loan from the International Bank for Reconstruction and Development (IBRD) and a US$200 million credit through the International Development Association (IDA). HCMC will provide US$45 million from its own resources for the project.