The Asian Developmenment Bank (ADB) will provide US $198 million for strengthening water supply network and institutional expansion for Sai Gon Water Corporation.
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The signing ceremony
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The agreements to this effect were signed between Governor of State Bank of Vietnam, Nguyen Van Giau, and ADB Country Director Ayumi Konishi in Ha Noi on Friday.
The loan is part of the US $2.8 billion investment program involving ADB, Vietnamese Government, development partners, and water company financiers, including concerned provinces and cities and the private sector.
The project will benefit over half a million residents of the city, and connect almost 20,000 families for the first time to piped water, contributing to the goal of increasing the HCMC’s piped water coverage to 95% from 83% by 2025.
At the same time, it will also help reduce water loss from 40% to 25% by 2025, resulting in an increase of water availability by over 64 million cubic meters per annum over the next decade.