WB, Danang work together on sustainable, inclusive growth
WB, Danang work together on sustainable, inclusive growth
The World Bank (WB) and the People’s Committee of Danang City agreed to expand their partnership on September 6 to promote competitive, sustainable and inclusive growth in the central coastal city.
In signing a memorandum of understanding, they created a foundation for a comprehensive partnership in which Danang can better tap into the WB’s global knowledge, financial resources and strengths to tackle the urban challenges facing a fast-growing city.
As the regional economic hub and international gateway in Vietnam’s central region, the city has registered impressive growth in manufacturing and in service-oriented industries, such as tourism, trade and finance, and logistics.
At the same time, new challenges have emerged, notably fast urbanization and climate change, prompting a reconsideration of development approaches.
“This dynamic city is rapidly evolving and so is our partnership,” said Ousmane Dione, WB country director for Vietnam, in a statement.
“Danang will be a front-runner for urban efficiency and resilience and a destination for innovation. We are excited to bring our partnership to the next level, thus accompanying the city in this process,” he added.
Danang Chairman Huynh Duc Tho spoke highly of the cooperation and support that the WB has given to the city over the past 25 years.
The partnership between the bank and the city has been broadened from infrastructure to a multi-sectoral approach, requiring stronger collaboration for higher efficiency and sustainable development, he noted.
Further co-operation activities are expected in the areas of integrated socio-economic planning, public finance management, sustainable urban development including transport, energy, water and sanitation, environmental protection, and building a competitive workforce.
The two sides will establish a platform to conduct regular strategic discussions, share knowledge and lessons learned, and pool and leverage resources and expertise.
The World Bank’s long-standing collaboration with Danang City has been expanding from an initial focus on basic infrastructure to a multi-sectoral approach that emphas integration and coordination across institutions. So far, World Bank loans and credits to the city have amounted to US$500 million.
