The World Bank (WB) on Feb. 2 approved a 70 million USD credit project to help Vietnam tackle climate change challenges.
The
credit will be channeled from the International Development
Association, a concessional lending resource for low income countries.
The credit has a 25-year maturity with 5-year grace period.
“The objective of this specific operation is to support Vietnam in
its efforts to address climate change by adopting policies and
strengthening institutional capacity to promote climate resilient and
lower carbon intensity development,” the bank said in a press release
issued on Feb. 2.
The programme focuses on four policy
goals under the three thematic pillars of adaptation, mitigation and
cross-cutting issues, including climate-resilient development, lower
carbon intensity, strengthening the capacity and preparedness to
formulate, prioritise and implement climate change policies and
strengthening the financing framework to support climate change action.
According
to the WB, Vietnam is one of the most vulnerable countries affected
by climate change, in particular to floods, storms, and sea-level rise.
Climate change poses a significant threat to
economic, social and human development, as well as the environment in
the country. Impacts from climate change in Vietnam are expected to
take a heavy toll on public finance./.
