The World Bank (WB) and Ho Chi Minh City signed a memorandum of understanding on comprehensive partnership for the 2018-2020 period on November 14.

Chairman of the municipal People’s Committee Nguyen Thanh Phong (R) and Ousmane Dione, Country Director of the WB in Vietnam at the siging ceremony

The document creates a firm foundation and a motive for deeper and effective cooperation  between the two sides, Chairman of the municipal People’s Committee Nguyen Thanh Phong said at the reception for Ousmane Dione, Country Director of the WB in Vietnam on the day.

The WB is one of the long-term partners of Ho Chi Minh City and WB-funded projects in the city have contributed to improving the quality of life for locals, he said.

He stressed that assistance from the WB has helped the Vietnamese city improve infrastructure facilities, thus fostering its sustainable development. 

Phong affirmed that HCM City hopes to receive more support and learn from experience of foreign partners, including the WB, towards implementing development strategies of the city. 

The municipal authorities and relevant agencies will continue to work closely with the WB to implement the document between the two sides, bringing benefits to the both. 

For his part, Ousmane affirmed the WB is a long-term and reliable partner of HCM City over the last two decades. 

The bank has supported the city’s development process through its financial and technical assistance, focusing on upgrading urban infrastructure, improving water drainage system and urban sanitation works, and managing the urban traffic system, he said.

Eight WB-funded projects worth 1.2 billion USD have significantly contributed to the city’s economic and infrastructure development, benefiting millions of local residents. 

Ousmane underlined the need for HCM City to make urgent actions to address important challenges, especially in transport development, risk response, flood prevention amidst climate change. 

He pledged that the WB would continuously provide support to and join in HCM City’s efforts to develop it into an international city. 

According to the official, the WB wants to promote strategic cooperation with HCM City in the fields of urban transport, environmental sanitation, energy saving, urban planning, public-private cooperation and sustainable budget, which will be included in  the bank’s long-term assistance package for the city in the coming time.-VNA