WB pours US $150 mil. for VN to reduce poverty
19:24 | 29/07/2008
VGP – The Poverty Reduction Support Credit 7 (PRSC 7), worth of 92,100,000 special drawing rights (SDRs) or US $150 million of preferential credits, was inked today, July 29.

The signing ceremony of PRSC 7 – Photo: VGP

The project was penned by State Bank of Việt Nam Governor Nguyễn Văn Giàu and WB acting Country Director Martin Rama.

Lasting for 40 years, including the 10-year grace period, and with the interest rate of zero, the credit aims at further supporting Việt Nam’s economic development and poverty alleviation through implementing the five-year socio-economic development plan 2006-2010, focusing on four major pillars: business development, social integration, resource management, and modern national administration.

Together with WB, representatives of around 20 bilateral and multilateral sponsors have proactively taken part in designing the program as well as policy dialogues with the Vietnamese Government. Other 12 sponsors will co-fund PRSC 7 with about US $220 million through preferential loans or non-refundable aid. All the aid will be added up into the State budget and allocated by the Government to realize national goals of poverty reduction and economic development.

By Hoàng Nguyên

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