WB Helps Vietnam Build Mechanism for Municipal Infrastructure Development

Vietnam’s prime minister has approved a technical support project for the City Infrastructure Financing Facility (CIFF) to finance municipal infrastructure in Vietnam, funded by the World Bank (WB). The technical support project costs $666,000 with $630,000 worth of grants from the WB. It is expected to help the Ministry of Finance to build a legal framework and operation process, design a mechanism and prepare the CIFF so that the CIFF can be implemented well. According to the latest research released by the World Bank, Vietnam needs $100 billion for infrastructure development between 2016 and 2020, averaging $25 billion per annum in the next five years. Vietnam will mobilize such capital from various sources, including state-run businesses, official development assistance (ODA) and private sectors to carry out infrastructure projects under the form of public-private partnership (PPP), a local official said. (baodautu.vn Aug 18)