The Hanoitimes - Prime Minister Nguyen Xuan Phuc hosted a meeting with President of the Asian Development Bank (ADB) Takehiko Nakao on the sidelines of the 6th Assembly of the Global Environment Facility (GEF 6) in Da Nang city on June 27.
At the meeting, PM Phuc hailed the bank as an important partner of Vietnam, and one of the leading sponsors in providing capital and technical assistance for the country, thus contributing to promoting Vietnam’s socio-economic development, the ADB said in a release.
For his part, Takehiko Nakao commended the government for maintaining macroeconomic stability and steering Vietnam’s economic growth to 7.4% in the first quarter of 2018, the strongest first-quarter growth in 10 years. Efforts to rein in the fiscal deficit, combined with higher economic growth, have helped reduce the ratio of public debt to GDP.
Prime Minister Nguyen Xuan Phuc hosted meeting for ADB President Takehiko Nakao
Nakao spoke highly of the significant socio-economic achievements Vietnam has obtained over the past few years, while welcoming the Vietnamese government’s approval of the five projects and programs on the 2018 list.
The ADB wishes to collaborate with Vietnam in order to facilitate the progress of these projects, he said.
Taking part in a panel on Delivering Transformation at the opening session of the GEF Assembly, Nakao affirmed that ADB could step up collaboration with GEF.
“Overall, the proposed GEF programming directions covering climate change, biodiversity, land degradation, international waters, and chemical and waste management are well aligned with ADB’s draft Strategy 2030 priorities for environment and climate change,” said Nakao.
“Working together, ADB and GEF can assist developing countries to transform economies toward sustainability. This can include developing new knowledge and innovative project investments, as well as green financing mechanisms to help unlock private sector finance for development,” he stressed.
In Vietnam, ADB and GEF have collaborated on three projects to address climate change, protect biodiversity, and improve the livability of cities.
In the Trung Truong Son Mountain Range, the Biodiversity Conservation Corridors project, with a $4.3 million grant from GEF and a $30 million investment from ADB, is supporting local communities to improve their livelihoods, protect biodiversity, and enhance forest management.
In Ha Giang, Hue, and Vinh Yen, GEF and ADB are collaborating on “Green City” planning approaches for sustainable and resilient urban development through a $14.2 million grant from GEF and $178 million financing from ADB.
In 2017, ADB and GEF completed an innovative project to test low-cost bioengineering and other nature-based approaches to address flood risks for rural infrastructure in mountainous areas.
At the end of the meeting with PM Phuc, ADB President Takehiko Nakao reaffirmed ADB’s commitment to further support Vietnam’s transition to high middle-income status, making available up to $1 billion a year in sovereign loans.
ADB will also actively seek to mobilize concessional cofinancing, and provide high-value adding knowledge products and services, including in the areas of intra-regional and urban transport, agricultural and rural development, poverty reduction, waste water and drainage, and climate change resilience, ADB President added.