The European Union (EU) and the French Development Agency (AFD) have reached an agreement to strengthen their joint-cooperation for increasing Việt Nam’s resilience to climate change and natural hazards, and trying to ease the impact of COVID-19 in the Southeast Asian nation.
Hòa Bình hydropower plant in northern Việt Nam (VNA/VNS Photo Thành Đạt)
The deal was signed by Ambassador of the EU to Việt Nam Giorgio Aliberti and AFD Director in the country Fabrice Richy on Monday.
Under the agreement, the EU provides a grant of 20 million EUR (nearly US$21.6 million) to the AFD.
In coordination with the Vietnamese Government and local administrations, the AFD will mobilise the Water and Natural Resources Management (WARM) Facility to prepare and implement investment projects co-financed with the AFD loans and Việt Nam’s own resources over the period 2021-29 for an estimated total amount of 200 million EUR.
“Adaptation to climate change is crucial for the sustainability of Việt Nam’s development, and water and natural resources are a key element of it,” EU Ambassador Aliberti said.
The intention of the new grant is to support Việt Nam on a pathway towards a greener and resilient future, he added.
Việt Nam is one of the countries most severely affected by climate change and natural disasters.
Rising temperatures and sea levels, and the increased frequency and intensity of extreme weather events combined with population growth and urbanisation are increasing the risk of coastal erosion, urban flooding and drought.
Viet Nam News