ADB loan helps HCM City resume flood-prevention projects
Viet Nam News HCM CITY— The Asian Development Bank (ADB) plans to give a US$350 million loan to the city for flood-prevention projects, according to the Steering Centre for Urban Flood Control (SCFC).
For phase 1, the funds will go toward flood-prevention projects in districts 12, Gò Vấp and Bình Thạnh, and for the Tham Lương-Bến Cát canal cleanup and drainage project.
These projects were supposed to receive funds from the World Bank, but due to problems related to compensation and site clearance, the bank decided in November last year not to loan the money.
Nguyễn Ngọc Công, director of the Steering Centre for Urban Flood Control, said that, after the WB’s decision, the city had to apply to ADB for the loan. — VNS