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HCM City needs US$1.1bln for flood management

Update: February, 25/2015 - 00:00
The floods in HCM City are caused by heavy rains, rising tides and water discharge from reservoirs. To fight floods this year, the city plans to borrow nearly US$1.1 billion from international banks. — File Photo

HCM CITY — The HCM City People's Committee will borrow about VND23 trillion (US$1.1 billion) from international banks to fight floods this year, said committee Chairman Le Hoang Quan.

Announcing this at a meeting with local authorities yesterday to review the plan for fighting floods in the past year and to find new measures for this year, Quan asked the city's Centre of Flood Fighting to look at all projects in the city and immediately report to the committee.

The chairman stressed that despite a close co-operation with the agriculture and rural development ministry, which also provides some financial support for irrigation projects, the city is facing a shortage of investment capital.

To cope with the problem, Quan said that the city will borrow about VND23 trillion from international banks to boost the implementation of such projects. — VNS

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