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City looks for private anti-flood capital

Update: December, 02/2015 - 09:12
Heavy rain causes flood in Nguyen Huu Canh Street, HCM City. The city has called for raising VND15.9 trillion ($709.8 million) from private investors for anti-flooding works. — Photo kenh14.vn

HCM CITY (VNS) — Nguyen Huu Tin, deputy chairman of the HCM City People's Committee, called for raising VND15.9 trillion ($709.8 million) from private investors for anti-flooding works at a working session of the HCM City Steering Centre of the Urban Flood Control Programme and other relevant agencies on Monday.

The city plans to carry out a slew of works to prevent flooding, including drainage networks, tide control drains, underground water storage reservoirs, and others, by 2020.

It will build seven wastewater processing plants, which along with the drainage networks will cost VND59.8 trillion (US$2.6 billion). Work is underway on three and authorities are waiting for funding for the remaining four.

The 32km Tham Luong- Ben Cat and Nuoc Len canals and 8.2km Xuyen Tam Canal will be dredged and upgraded at a respective cost of VND10 trillion ($446.4 million) and VND5.1 trillion.

These works are expected to mitigate flooding on a 550 square kilometre area in the city's central, northern and western areas and parts of the north-east and south-east. Around 6.6 million people will benefit.

The city needs around VND66.8 trillion ($3 billion) for all of this. It will provide VND7.5 trillion ($334.8 million) and hopes to raise VND15.9 trillion ($709.8 million) from private sources, with the rest coming from ODA loans. — VNS

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