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WB finances higher education and urban development projects in Vietnam

17:04 | 02/07/2020

The World Bank Board of Executive Directors approved to finance for two projects worth a total of US$422 million to help build a climate-resilient city in the Mekong Delta and enhance the quality of Vietnam’s three national universities.

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WB financed Vietnam University Development Project US$295-million credit which will improve teaching and research capacity at Vietnam National University-Hanoi, Vietnam National University-Ho Chi Minh City, and the University of Danang, reported VOV.

wb finances higher education and urban development projects in vietnam
Vietnam National University-Hanoi Illustrative photo: Bao Moi

Through investment in modern infrastructure, advanced equipment, and knowledge transfer, the project will help accelerate the transformation of these three universities into regionally competitive institutions with advanced teaching and research capabilities.

The World Bank's press release stated “The university development project aims to address some key challenges faced by the higher education system. With the new funding, university infrastructure, once overcrowded and obsolete, will be upgraded to be modern, integrated, green and digital-ready. The project, implemented in the three flagship universities, is also expected to enhance institutional capacity and to adopt new digital technology, in line with the national goals identified in the recently amended law on higher education and the upcoming 10-year higher education strategy”.

wb finances higher education and urban development projects in vietnam
Vinh Long City Illustrative photo: Bao Dau Thau

According to VOV, the WB allocates the remaining funds for Vinh Long City development project, which will invest in building resilient infrastructure as well as improving disaster risk management of the city. Besides, the project also enables to get access to basic services like drainage, wastewater collection, treatment, and other green infrastructure along with developing three strategic roads that will serve as critical links in the city's road network. Thanks to these, Vinh Long is expected to be functioned as an economically and physically integrated metropolitan area.

Ousmane Dione, World Bank Country Director for Vietnam said that “Investing in human capital and urban development are among the top priorities of the World Bank’s engagement in Vietnam”, emphasizing that “These two projects will help accelerate real progress in areas critical to sustainable growth for Vietnam: skilled workers and more efficient and greener infrastructure.”

These two credits are supplied by the International Development Association (IDA).

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