The World Bank has approved a US$70 million loan for the Second Viet Nam Climate Change Development Policy Operation Project.
 |
|
Viet Nam is one of few countries most vigorously affected by climate change
|
The second of a series of three projects aims to support the development and adoption of policies, strategies and institutions needed to respond to climate change in Viet Nam.
Besides the loan, Viet Nam will receive US$145 million from the Japan International Cooperation Agency and the French Development Agency, AU$8 million from the Australian Government Overseas Aid Program and around US$30 million from the Export-Import Bank of Korea.
This operation includes three thematic pillars of climate change adaptation, mitigation and cross-cutting issues. The project focuses on the water sector, energy sector, climate change integration into development planning and a more conducive environment for climate financing.
In particular, this project has supported the development of a new Law on Water Resources, the adoption of regulations establishing the qualification and certification requirements for energy auditors and managers.
It also helps the establishment of a National Climate Change Strategy, preparing for a national coordination platform for disaster risk reduction and climate change adaptation, and other institutional mechanisms to promote financing sources for activities in response to climate change.
The credit comes from the International Development Association, a concessional lending resource of the World Bank (WB) for low income countries. This credit has a 25-year maturity with a 5-year grace period.
This series of operations contributes to assisting Viet Nam with sustainable development and resilience – all are key elements of the WB's new Country Partnership Strategy with Viet Nam for the 2012-2016 period.