The World Bank (WB) has approved a total credit package of US$422 million to support a Vietnamese university development project and to help one Mekong Delta province confront climate change.
The WB Board of Executive Directors on Wednesday agreed to grant the credit to assist three Vietnamese universities and to build a climate-resilient city in the Mekong Delta province of Vinh Long.
The credit was supplied by the International Development Association (IDA).
The three universities involved in the university development project include Vietnam National University - Hanoi (VNU-Hanoi), Vietnam National University - Ho Chi Minh City (VNU-HCMC), and Da Nang University, which will receive $295 million.
The remainder of the credit will be used to help the Mekong Delta province of Vinh Long deal with climate change.
The $295 million credit is meant to improve the three universities' teaching and research capacity.
The university development project will make a certain contribution in addressing some main challenges that the country's higher education system has faced, the WB said in a press release.
Thanks to the new budget support, the universities will have chances to modernize their own infrastructure and make their campus greener and available for digital transition.
Of the $295 million credit, the project for the VNU-Hanoi will cost $125.18 million, consisting of a $100.87 million credit package from the WB and the corresponding capital of $24.31 million from the Vietnamese government.
The VNU-Hanoi will spend the new credit building many new educational facilities on a 37.5-hectare area within its 1,000-hectare campus.
The new facilities include 18 buildings, each with one to eight floors, in addition to classes, libraries, laboratories, sport centers, wastewater collection centers, and drainage systems.