Sunday , February 25 2024

World Bank cancels, Vietnam budget to complete delayed project

The central province of Khanh Hoa will use its public funds to build roads and embankments along the Cai River after the World Bank canceled its sponsorship of the delayed project.

As part of the Coastal Cities Sustainable Environment Project, Nha Trang City sub-project (CCSEP Nha Trang) is projected to cost over VND1.38 trillion ($60 million). The amount of ODA to have been sponsored and loaned per the World Bank agreement amounts to over $48 million, with Khanh Hoa’s counterpart funds agreed to at $11.4 million.

The project began in 2019 and was expected to wrap up in June 2024.

But progress on the urban connectivity and environmental improvement project has been delayed for years due to land clearance issues. The project itself is composed of four parts, with the second part, including roads and embankments in the northern and southern areas of the river and Chu Dong Tu Road, having been only 5% completed.

Due to slow progress, the director of the World Bank has canceled the VND250 billion sponsorship for the second part of the project.

The Khanh Hoa People’s Committee has recently proposed to use the counterpart national funds to complete the project. Another option is to remove the second part of the project, then devise a new plan and bring it into the province’s public investment plans. The Standing Committee of the provincial Party Committee has agreed to use the counterpart funds to finish the job.

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