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ADB lends Vietnam US$110 million to carry out agro-forestry projects dealing with 2005 natural disaster impacts

VNGOVNet – On December 7, 2006, Governor of the Vietnam State Bank Lê Đức Thúy and Mr. Ayumi Konishi, National Director, Head of the ADB Representative Office in Vietnam, signed a series of agreements on ADB giving loans to Projects “Supporting the Implementation of Poverty Alleviation Program III”; “Forestry Development to Improve Life in the Central Highlands” and “Urgently Dealing with 2005 Natural Disasters' Impacts”.

December 08, 2006 8:00 AM GMT+7

The projects have a total value of US$ 165.3 million, of which  ADB lending accounts for US$111 million; the Government’s corresponding capital, US$ 28.9 million; the Dutch and Finnish Governments’ nonrefundable aids, US$ 15.6 million; and the remaining US$9.8 million contributed by beneficiaries in the form of labor force and materials.

The Project “Urgently Dealing with 2005 Natural Disasters’ Impacts” will receive US$51 million in loans from the ADB with a term of 40 years and US$10,7 million from the Government’s corresponding capital (including the central and local budgets). The Project will be carried out in ten provinces: Hà Giang, Yên Bái, Phú Thọ, Nam Định, Thanh Hóa, Nghệ An, Hà Tĩnh, Quảng Bình, Quảng Trị and Phú Yên, focusing on upgrading infrastructure, strengthening flood and storm prevention, poverty alleviation and improving people’s living standards.

In the US$88.7-million Project “Forestry Development to Improve Life in the Central Highlands”, ADB lends US$45 million over 32 years. The Project is to be implemented over eight years in 60 communes of 22 districts in five provinces: Kon Tum, Gia Lai, Đăk Lăk, Lâm Đồng, and Phú Yên. The Ministry of Agriculture and Rural Development will be in charge of managing and realizing the Project with the overall target of making forestry an economic sector which can help these provinces with poverty alleviation and forest improvement in the Central Highlands.

ADB will spend US$15 million in 24 years on Project “Supporting the Implementation of Poverty Alleviation Program III”, which is also funded by the Poverty Reduction Credit 5 of the World Bank. This sum will go to three main areas: changing to a market economy, improving business environment and infrastructure services; socially comprehensive and environmentally sustainable development through raising the quality of education, healthcare, social insurance, land and water resources, environmental protection and gender responsiveness; advanced management in making plans, management of public finance, increased responsibility and transparent finance, public administrative reform and anti-corruption. The lump sum will be disbursed once and for all when it comes into effect in February 2007.

 

By Xuân Hồng

(Source: Vietnam State Bank)