World Bank’s cancelation of $10mn funding for project in Nha Trang a ‘huge loss’: ex-official

January 22, 2024

The World Bank’s withdrawal of its US$10 million funding for a sustainable environmental project in Nha Trang City, the capital of Khanh Hoa Province in south-central Vietnam, has left 'a huge loss' for the province, said a former official. The project, part of the Coastal Cities Sustainable Environment Project (CCSEP) funded by the WB, had the objective of mitigating flooding and environmental pollution in the northern part of Nha Trang. The Nha Trang City Sub-project of CCSEP commenced in 2016 with a total cost of $72 million and was scheduled for completion at the end of June this year. However, a mere 26.2 percent of all impacted households had accepted compensation and handed over their land for the sub-project as of November last year, according to the Khanh Hoa Development Project Management Unit. Consequently, many sites remain uncleared for construction, leading to the withdrawal of the WB's $10 million funding for the sub-project.

The source of this news is from Tuoi Tre News