HCM City asks for additional US$2 billion of ODA
Wednesday, April 19,2017AsemconnectVietnam - HCM City’s authorities have asked the Ministry of Planning and Investment and the Ministry of Finance to allocate an additional VND48.76 trillion (US$2.14 billion) of official development assistance (ODA) in the next three years, with VND8 trillion (US$352.33 million) allocated for this year.
The city has also asked the Prime Minister to urge the ministries to consider allocating ODA funds for the projects to meet the construction schedule.
Allocation of ODA funds on time plays an important role in ensuring the progress of project implementation and prevents costs incurred by late payments claimed by foreign contractors.
JICA last year signed ODA loan agreements with Vietnam, totaling JPY166.12 billion (US$1.53 billion) for three projects.
The three projects are the metro line No 1 under the HCM City Urban Railway Construction Project, the second phase of the water environment improvement project, and the Thai Binh thermal power plant and transmission line construction project.
The loans aim to improve economic infrastructure essential to strengthening Vietnam’s competitiveness and promoting environmental improvements.
The construction of the urban railway will alleviate traffic congestion and air pollution while encouraging regional economic development.
The water drainage project in HCM City is expected to improve water treatment capacity and reduce flooding.
In addition, the Thai Binh power project will use coal produced in the country to meet increasing power needs, boosting economic development and strengthening the country’s international competitiveness.
Source: vov.vn
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