WB plans to provide US$1.3-1.5 billion loan to Vietnam

The World Bank in Vietnam plans to provide the country with a loan worth US$1.3-1.5 billion, which is due to get approval in late June for the fiscal year 2009, said the WB’s newly-appointed Country Director in Vietnam, Victoria Kwakwa, announced the plan while meeting with Prime Minister Nguyen Tan Dung in Hanoi on May 27. 

Kwakwa said that the WB is considering additional commercial loans to Vietnam worth up to US$3-3.5 billion within the next three years after it received positive assessments of the efficiency of WB-funded projects in the country.

The official asked the Vietnamese Government to work closely with the WB to come up with appropriate projects to utilize this capital. She also urged Vietnam to speed up the disbursement as well as improve the efficiency of the WB’s capital.

PM Dung said that the WB’s support had contributed greatly to the socio-economic achievements Vietnam has recorded over the past few years. The Vietnamese Government is always held responsible for capital sources provided by the WB. This is important, not only for good relations with the WB but also for a responsibility to the Vietnamese people and future generations in the country, he said.

The government leader applauded the WB’s good-will to Vietnam and acknowledged Kwakwa’s suggestions regarding the use of WB capital.

Together with a new, flexible mechanism, Vietnamese agencies will spare no effort to accelerate the disbursement and enhance the efficiency of the WB’s capital sources to serve the country’s national construction and socio-economic development, he stressed.

The Government of Vietnam will also step up coordination with the WB to draw up projects, focusing on transport infrastructure, energy, human resources development and healthcare services, PM Dung added.

Source: Vietnam News Agency

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