More WB loans for rural areas
16:17 | 15/05/2009
VGP – The Bank for Investment and Development of Việt Nam (BIDV) today signed a sub-loan contract with eight financial institutions which are selected to re-lend credits from the World Bank (WB) for the third stage of the Rural Finance Project (RFP III).
BIDV signs the contract with four banks: Saigon Bank, Kienlong Bank, Maritime Bank and Western Bank – Photo: VGP
The eight institutions include the Maritime Bank, Kiên Long Bank, Techcombank, Western Bank, Habubank, Military Bank, Saigon Bank for Industry and Trade (Saigon Bank) and Sacombank.
They will receive the total credit of VND 580 billion to fund farmer individuals and households as well as small and medium enterprises in rural areas in implementing policies on agricultural and rural development and poverty reduction.
The RFP III is granted with US $200 million by the WB. It aims at further supporting Việt Nam’s agricultural and rural development through increasing rural households and private enterprises’ access to financial resources. It also helps the financial organizations provide better services to rural areas.
and with Techcombank, Habubank, Military Bank and Sacombank – Photo: VGP
The project will be realized throughout the country, except for four central-level cities, namely Hà Nội, Hải Phòng, Đà Nẵng and Hồ Chí Minh City.
Its disbursement period is scheduled to conclude by December 2013.
The project is expected to create the total investment of VND 4,500 billion, which can be accessed by 110,000 households and businesses in rural areas. About 150,000 new jobs are also generated.
Earlier, the RFP I and II provided VND 12,000 billion (or US $720 million) to farmers, households and private businesses in 60 provinces in Việt Nam.
By Hoàng Hạnh
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