WB assists Vietnam to expand rural electricity network

Hanoi (VNA) - The World Bank (WB) will provide a credit worth 150 million USD to help Vietnam expand its rural electricity network.

An agreement to this effect was signed by Governor of the State Bank of
Vietnam Nguyen Van Giau and Acting Country Director for the WB Martin Rama
in Hanoi on Nov. 4.

The credit, coming from the International Development Association (IDA),
the WB's concessional lending arm for low income countries, will be a
preferential capital resource for local electricity companies to expand the
network in 40 provinces across the country.

Addressing the signing ceremony, Governor Giau said the project is
significant as it contributes to poverty reduction in rural areas.

WB Acting Country Director M. Rama expressed his hope that the investment
will help Vietnam meet the growing demand for electricity and ensure its
continued economic growth.

The rural electricity network expansion project, the third of its kind to
receive funding from the WB, costs over 206 million USD. The Australian
Agency for International Development is expected to contribute 3 million USD
in non-refundable aid to the project.-Enditem