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WB to provide credit for institutional reforms in HCM City

A 125 million USD credit has been approved by the World Bank (WB) Board of Executive Directors to assist Ho Chi Minh City in strengthening the institutional foundations for sustainable urban development.
WB to provide credit for institutional reforms in HCM City ảnh 1The 125 million USD credit is aimed to assist Ho Chi Minh City to strengthen the institutional foundations for sustainable urban development (Photo: VNA)

Hanoi (VNA) – A 125 million USD credit has beenapproved by the World Bank (WB) Board of Executive Directors to assist Ho ChiMinh City in strengthening the institutional foundations for sustainable urbandevelopment. 

This is the WB’s first budget support operationto a sub-national entity in Vietnam, marking a strategic shift in the bank’sengagement at the sub-national level from sector-specific investments tosupporting cross-cutting policy and institutional reforms, the WB said in arecent press release.

The policy programme aims to removeinstitutional bottlenecks to enable Vietnam’s largest city and economicpowerhouse to address some of its most pressing urban governance challenges. Asa key growth pole driving economic modernisation and generating 21 percent ofVietnam’s GDP, the benefits of reforms in HCM City are expected to go beyondthe city to the wider economy.

WB Country Director for Vietnam Ousmane Dionesaid as an emerging global megacity and commercial hub with significantopportunities, Ho Chi Minh City is also facing a host of serious urbanchallenges.

“Successful management of rapid urban growthrequires effective and integrated urban governance as well as adequateinvestment in urban infrastructure and service delivery. Such interventionswill have to be met within a constrained fiscal environment, reinforcing theurgent need for efficient resource mobilisation and allocation,” he added.

The programme is structured around the threepillars: integrated and transparent spatial information for urban management,strengthened management of public assets and liabilities, and enhanced deliveryof priority municipal services.

The credit is provided by the InternationalDevelopment Association (IDA).-VNA
VNA
#World Bank #Ho Chi Minh City #WB's credit for HCM City #institutional reforms #institutional foundations for sustainable urban development #sustainable urban development #International Development Association #updated Vietnam news #Vietnamplus #Vietnam News Agency Ho Chi Minh City
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