WB aids Vietnam’s electricity reform, climate change resilience

Hanoi, July 3 (VNA) - The World Bank’s Board of Executive Directors has approved a loan and credit package to help Vietnam reform its electricity industry and enhance capacity to cope with climate change. This will contribute to Vietnam’s growth efforts that are environmentally friendly according to the country’s socio-economic development plan between 2011 and 2015, said WB Vietnam Country Director Victoria Kwakwa. The 200-million-USD loan will support the establishment of a modern and effective electricity market, while the 70-million-USD credit will help promote climate change resilience and low carbon growth. Vietnam is one of the countries most vulnerable to the impact of environmental changes. Natural disasters and rising sea levels have caused economic losses of about 1.5 percent of GDP each year.-VNA