Vietnam, World Bank sign loan agreements totaling $371 million

By Toan Dao   July 25, 2016 | 05:11 pm PT
Vietnam, World Bank sign loan agreements totaling $371 million
Prime Minister Nguyen Xuan Phuc (C) witnessing the signing of the loan agreements between the State Bank of Vietnam and the World Bank on July 25.
The funds will focus on competitiveness, climate change and water management.

Vietnam has secured funding of more than $371 million from the World Bank for two programs and a project to support the country’s sustainable economic development.

Le Minh Hung, governor of the State Bank of Vietnam, and Victoria Kwakwa, the World Bank's vice president for East Asia Pacific region, signed the agreements in Hanoi on Monday.

Of the total, $150 million is allocated to the Third Economic Management and Competitiveness program. The loan provides flexible budget support to the government while reinforcing selected structural reform priorities in the government’s socio-economic development plan. 

Meanwhile, $90 million will be earmarked for supporting climate change and green growth policy actions under the Vietnamese government’s Support Program to Respond to Climate Change, led by the Ministry of Environment and Natural Resources. 

The third is the additional funding of $119 million for the ongoing Urban Water Supply and Wastewater Project in Vietnam. Approved by the World Bank in 2011, the project includes 14 subprojects across 10 provinces. 

Related news:

World Bank backs Vietnam's climate change fight with $310 million loan

World Bank loans Vietnam $560 million to support Mekong climate fight

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