The World Bank (WB) has approved a credit worth US$70 million to help Vietnam enhance its institutional capacity in coping with climate change, it said on November 9.

The credit provides parallel financing for a multi-donor budget support program for the Vietnamese Government’s Support Program to Respond to Climate Change.

Accordingly, the Japan International Cooperation Agency (JICA) and the French Development Agency will jointly provide roughly $145 million.

The Australian Agency for International Development (AusAID) will join with nearly 8 million AUD, and the Korea Eximbank with $30 million, bringing total budget support to Vietnam to about $253 million, as proposed by the country.

The sum is meant for climate change adaptation, mitigation and dealing with inter-sectoral issues. It focuses on the water and energy sectors, integration of climate change issues into development planning and creation of a more favourable environment for financing for climate change response activities.

It also helps Vietnam establish a National Climate Change Strategy as well as mechanisms to mobilise financial sources to aid climate change response.