Expected to borrow 5-7 billion USD from World Bank to build Hanoi - Hoa Lac high-speed railway

(Dan Tri) - Prime Minister Pham Minh Chinh and the President of the World Bank agreed to promote large-scale strategic projects, including the Hanoi - Hoa Lac high-speed railway project, with a loan of 5-7 billion USD from the World Bank for Vietnam.

Receiving President of the World Bank (WB) Ajay Banga on the same afternoon, the Prime Minister highly appreciated the WB's support and cooperation for Vietnam in recent times, especially in policy advice, financial provision, and implementation of many effective projects. Mr. Ajay Banga emphasized that the WB will continue to consider Vietnam an important partner and affirmed that it will continue to accompany and support Vietnam. To improve the effectiveness of cooperation in the coming time, the Prime Minister and the WB President agreed to accelerate the progress of existing projects, while promoting large-scale strategic projects with widespread impacts. Some potential new generation projects, within the framework of the WB's 5-7 billion USD loan for Vietnam in the next 3 years, include: the Vietnam Renewable Energy Promotion Project (REACH), the project to plant 1 million hectares of high-yield - low-emission rice, the Hanoi - Hoa Lac high-speed railway project, investment in climate change adaptation infrastructure in the Mekong Delta and digital transformation and green transformation projects.

Prime Minister Pham Minh Chinh receives President of the World Bank (WB) Ajay Banga (Photo: Duong Giang).

The Head of the Vietnamese Government proposed that the WB establish a regional center with an office in Vietnam, affirming that it will create the best conditions for the regional office to operate projects in Vietnam and other countries in the region. Appreciating this idea, Mr. Ajay Banga affirmed that he would seriously study the establishment of a regional center. The WB President especially appreciated the efforts and determination of the Vietnamese Government in green transformation, responding to climate change and sustainable development, especially the implementation of the project to plant 1 million hectares of high-yield - low-emission rice. He said that this will be a model project of the WB in green agriculture in the world, helping to reduce methane emissions as well as bringing clear financial benefits to people through the carbon credit mechanism. The WB President also proposed that Vietnam study participating in the global carbon credit market and affirmed his readiness to accompany and support Vietnam in this process, as well as in implementing climate commitments and goals in general. Hoai Thu (From Dubai, UAE)

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