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Vietnam: World Bank unit provides $500 million cover for highway works

March 13, 2014 - 6:01am

The Multilateral Investment Guarantee Agency – the political risk insurance unit of the World Bank –will provide help in repairing and expanding a national highway in Vietnam, Vietnamese newspaper Thanh Nien reports.

The World Bank said MIGA is to provide the project's lenders with a cover of $500 million against default of financial obligations for 15 years, the newspaper reported. MIGA's standards would ensure that all environmental and social risks are taken into consideration, the agency's vice president Michel Wormser said.

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