$102 Million in Financing to Help Vietnam Improve Energy Efficiency in Industrial Sector
- Vietnam’s GDP growth likely to remain on the upswing: World Bank
- World Bank urges Vietnam to overhaul agriculture sector
With the support of the project, financial institutions and industrial enterprises will be able to prepare, evaluate and appraise energy efficiency projects. This will create a new line of business for financing institutions, providing loans to support industrial energy-efficiency investments, which will enable them to scale up energy-efficiency lending to industries.
Funding under this project will be provided to participating financial institutions, which will then lend to industrial enterprises to invest in energy-efficient subprojects.
Of the $158 million, $100 million comes from the World Bank’s International Bank for Reconstruction and Development, the financing resource for middle-income countries, and $1.7 million is from the International Development Association, the Bank’s fund for the poorest countries. The rest of the project’s funding will come from the Vietnam government and participating financial institutions.