ASEAN KEY DESTINATIONS
$70 million credit to fight climate change for Vietnam
HA NOI – The World Bank has approved the Viet Nam Climate Change Development Policy Operation, the first of three operations scheduled to promote the development and adoption of priority actions to enhance strategies, policies, and institutions needed to respond to climate change.
Under the deal agreed to yesterday, the International Development Association under the World Bank will offer a US$70 million credit with a 25-year maturity and 5-year grace period.
The operation aims to support Viet Nam in its efforts to deal with climate change by adopting policies and bolstering institutional capacity to promote climate resilient and lower carbon intensity development.
It will focus on four policy objectives: improving the resilience of water resources, taking full advantage of energy efficiency potential, strengthening the capacity to formulate, prioritise and implement climate change policies, and the financing framework to support climate change action
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