Illustrative image (Source: VNA)
Hanoi (VNA) – The Prime Minister has approved a technical assistance project in service of the World Bank’s City Infrastructure Financing Facility (CIFF) project.

The project is worth 666,000 USD, including 630,000 USD from the WB’s non-refundable official development assistance (ODA) and the remaining to be sourced from the State budget funds as corresponding capital.

It aims to help the Ministry of Finance set up a legal framework and operating procedures, encompassing management, finance, and inspection mechanism, to ensure effective implementation of the CIFF.

The project is also intended to refine and supplement legal regulations for loans to provincial governments as well as identify commercial banks that will lend CIFF funding and the criteria for receiving this funding.

It is working to develop capacity for financial officials, local authorities and commercial banks.-VNA