HN shakes hands with IFC in urban development

26/03/2021

VGP – Ha Noi is expected to work with the International Finance Corporation (IFC), a member of the World Bank Group, to work out a pilot finance mechanism to fund urban development projects said Chairman of the Ha Noi People’s Committee Chu Ngoc Anh.

Chairman of the Ha Noi People’s Committee Chu Ngoc Anh (R) and IFC Regional Manager for Viet Nam, Cambodia, and Laos Kyle Kelhofer

Chairman Ngoc Anh made the point at a meeting with IFC Regional Manager for Viet Nam, Cambodia, and Laos Kyle Kelhofer yesterday in Ha Noi to implement the Memorandum of Understanding (MoU) signed between the two sides in 2020.

Referring to IFC’s suggestion of the necessity to have a next-generation strategy to attract FDI, the Chairman said Ha Noi is set to hold a conference to discuss measures promoting foreign investment capital to the city.

On his part, IFC Regional Manager Kelhofer said that the IFC is one of the largest global development institutions running projects worth around US$25 billion for developing countries.

He revealed that in 2020, the IFC invested US$1 billion in Viet Nam, making the country to be the IFC’s Top 10 partners, and on track to join in the Top 5.

The guest leader applauded Viet Nam’s positive economic outlooks amid the Covid-19 pandemic, saying the fact that credit rating agencies have upgraded the country’s outlook would bring more opportunity for Hanoi to access preferential loans.

IFC is committed to joining working with the city in the search for the best financing mechanism. /.

By Khanh Phuong