WB provides soft loans for five projects in Vietnam

The World Bank will provide Vietnam with soft loans worth 876 million USD, which account for 57 percent of its total funding for the country in the 2014 fiscal year starting from July 1.

Agreements on five programmes and projects using the loans were signed in Hanoi on July 17 by visiting World Bank President Jim Yong Kim and Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh.

Of the sum, 500 million USD will be halved for the Economic Management Competitiveness Credit 2 (EMCC2) programme and the northern mountainous urban development programme.

The project to build policies for the reform of the power sector receives 200 million USD.

Meanwhile, the medical personnel training project and development policy lending programme on climate change (phase 3) receive 160 million USD and 70 million USD, respectively.

This is the first time WB President Jim Yong Kim, who is on a two-day working visit to Vietnam from July 17, has directly inked lending documents with the SBV Governor.

At the signing ceremony, President Kim announced the institution’s assistance worth over 3.8 billion USD for Vietnam in the three coming years, making the country the second biggest recipient of the WB’s International Development Association (IDA) loans.

Source: VNA

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