The World Bank has approved loans totalling $350 million to go towards infrastructure projects in Vietnam.
The bank is lending $190 million to go towards local development projects in the municipal infrastructure sector. It is also providing $160 million of additional financing for the Tan Hoa–Lo Gom canal improvement project in Ho Chi Minh City. The World Bank said in a statement the canal project had suffered a shortfall in financing owing to high levels of inflation in the construction sector in the country.
Vietnam forms part of the Association of Southeast Asian Nations (ASEAN), a regional economic alliance. Earlier this year it emerged China is planning on establishing a $10 billion infrastructure investment fund in cooperation with the alliance.
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