The hydropower and mining sectors in Lao PDR are to get a boost from additional funding approved by the World Bank.

The Bank has signed an agreement with the Government of Lao PDR for an additional US$17.8 million in funding for a technical assistance project aimed at building capacity in the two sectors.

In a statement, H.E. Mme. Thipphakone Chanthavongsa, Vice Minister of Finance of the Lao PDR, said the hydropower and mining sectors form an important part of the Lao economy, and the new project would ‘contribute to the socioeconomic development and environmental sustainability of Lao PDR’.

Earlier this year, the Bank announced it had approved a US$8.9 million grant and US$8.9 million credit for the project, which has already put in place important building blocks for the effective management of hydropower and mining development, and has supported the development of policies, regulations and guidelines for better governance of the two sectors.