Last updated: 16:37 - February 7, 2007
WB to provide Vietnam with US $4 billion credit for five years http://www.nhandan.com.vn/english/business/070207/business_wb.htm
The World Bank (WB) has launched its new Country Partnership Strategy (CPS) for Vietnam for the 2007-2012 period, under which the WB intends to provide Vietnam with more than US $800 million per year in long-term interest-free credits.
Speaking at the launch ceremony in Hanoi on February 6, Jim Adams, WB Vice President for East Asia and the Pacific, said that Vietnam stood out as a development model that has lifted millions of people out of poverty while ensuring an even distribution of the benefits of its vibrant market economy. The new strategy supports Vietnam for strengthening the institutions responsible for facilitating and safeguarding a more complex and diverse economy - with initiatives ranging from the regulation of infrastructure, social insurance to the development of modern planning and budget systems. The strategy proposes four areas for the WB's engagement in Vietnam, including improving the business environment; strengthening social inclusion; a better management of the environment and natural resources and improving good governance.
The WB Vice President said that Vietnam has used International Development Association (IDA)'s development aid effectively, which can find manifestation in the reduction in Vietnam's poverty ratio from 58% in 2003 to around 20% in 2004, an increase in universal education levels and the access to electricity service by more than 90% of the Vietnamese population. Talking about the scandal at the Ministry of Transport's Project Management Unit (PMU 18), he said that independent investigations proved no misuse of No. 18 the WB's financial assistance in the PMU 18-managed projects. To ensure the effective use of its new development aid, the WB will assist the Vietnamese Government to improve its auction system and manage its loans effectively, the official added.
Since 1993, the IDA has provided US $6 billion in interest-free credits and grants to Vietnam to help the country sustain growth and fight poverty. Among other things, these IDA funds have been used to build roads and other infrastructure, to connect millions of rural people to the electricity grid, to improve the quality of the education system; to expand farm production; and to provide access to basic services such as running water for nearly 3 million poor people in urban areas. (VNA)
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