|The new World Bank credit will further assist agricultural development|
The State Bank of Vietnam and the World Bank signed Tuesday an agreement for a credit worth US$59.8 million in support of the country’s efforts to improve its agriculture competitiveness.
The money – coming from the International Development Association, which is the World Bank’s concessional lending arm for low income countries – will be used for the Agriculture Competitiveness Project.
At the macro level, the US$75 million project supports the government’s strategy on market-oriented agricultural development, which is an important element of its drive to eradicate poverty.
At the local level, it aims to strengthen the competitiveness of smallholder farmers, with a focus on eight provinces in central and northern Vietnam – Binh Dinh, Binh Thuan, Daklak, Gia Lai, Lam Dong, Ninh Thuan, Nghe An and Thanh Hoa.
This project is expected to improve smallholders’ access to markets through the provision of technology services, of critical public infrastructure for agriculture, and facilitating farmer organizations and linkages to agribusiness.