Photo: Viet Tuan
Loans and credits to assist urban development, climate resilience, and sustainable livelihoods.
The World Bank agreed on July 11 to provide loans and credits of $560 million for two projects supporting urban development, climate resilience and sustainable livelihoods in the Mekong Delta.
“Recent extreme weather phenomena in the Mekong River Delta, including flooding, drought and salinity intrusion, are negatively affecting the lives of people in the region, both in urban and rural areas, most of whom are poor,” said Mr. Achim Fock, Acting Country Director for the World Bank in Vietnam. “We believe these projects will contribute to efforts to help the region adapt to climate change in a sustainable manner.”
$250 million will be used for the Can Tho Urban Development and Resilience Project, to reduce flood risk and improve connectivity between the Can Tho city center and its new urban areas, benefiting more than 420,000 urban dwellers, and enhance the capacity of city authorities to manage disaster risk.
$310 million will be earmarked to build climate resilience and ensure the sustainable livelihoods of 1.2 million people living in nine Mekong Delta provinces affected by climate change, salinity intrusion, coastal erosion, and flooding.
The International Development Association (IDA), the World Bank’s fund for the poorest, will provide $310 million for the Mekong Delta Integrated Climate Resilience and Sustainable Livelihoods Project and $125 million for the Can Tho Urban Development and Resilience Project, with the International Bank for Reconstruction and Development (IBRD), the World Bank’s fund for middle income countries, providing the remaining $125 million.
The Mekong Delta Integrated Climate Resilience and Sustainable Livelihoods Project supports better climate-smart planning and improved climate resilience in land and water management practices.
The Can Tho Urban Development and Resilience Project supports the construction of surrounding embankments, tidal gates, and improved rainwater storage and drainage systems, as well as other non-structural measures to help the city manage urban flood risk.