Environment

Vietnam, France exchange funding agreement for climate change projects

A ceremony took place in Hanoi on March 15 to exchange the agreement signed by the Vietnamese Ministry of Finance (MoF) and the French Development Agency (AFD) to fund two projects worth 72.3 million EUR (80 million USD) in Vietnam.
Vietnam, France exchange funding agreement for climate change projects ảnh 1At the event (Photo: tapchitaichinh.vn)

Hanoi (VNA) – A ceremony tookplace in Hanoi on March 15 to exchange the agreementsigned by the Vietnamese Ministry of Finance (MoF) and the French Development Agency (AFD) to fund two projects worth 72.3 million EUR (80 million USD) inVietnam.

The agreement supports the Hoi An anti-erosion and sustainable coastal protection project in thecentral province of Quang Nam and the central coastal urban development projectfor green growth and climate change response in Dong Ha city, Quang Triprovince.

Speaking at the event,Deputy Minister of Finance Vo Thanh Hung said the committed loan amount further solidifies AFD's positionas Vietnam's largest bilateral donor in Europe, highlighting the French Government'scommitment to strengthening strategic partnership with Vietnam.

The AFD loan is accompanied by non-refundableaid from the European Union (EU), aimed at improving project effectiveness and supporting localities inenhancing their capacity to operate projects and undertake climate changeadaptation activities in localities.

Peteris Ustubs, European Commission Director forthe Middle East, Asia and Pacific, said investing in projects funded by the Waterand Natural Resources Management Facility (WARM) not only helps strengthen theresilience of local communities but also contributes to the global fightagainst climate change. They are in line with the EU's Global Gateway Initiativeto bridge the global investment gap and demonstrate the EU's commitment tobeing a loyal partner of Vietnam in climate action and sustainable development.

On the occasion, representatives from the MoF, the People'sCommittees of Quang Nam and Quang Tri provinces also signed loan agreements toredistribute AFD loans from the central to local budgets to ensure the seamlesscapital transfer and project effectiveness.

On December 29, 2023, the MoF signed loan agreements with AFDand the non-refundable grant agreements from the EU, delegatedthrough the AFD, for the above two projects./.

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