WB to provide US$ 4 bil. interest-free to Vietnam in five years
VNGOVNet – The World Bank (WB) announced on February 6 that it expects to provide over US$ 800 million a year in long-term interest-free credits to support Vietnam under the New Country Partnership Strategy. This represents more than US$4 billion in support for Vietnam from 2007 to 2011.
It is known that the WB gives Vietnam this preferential credit because of the country's significant development achievements over the past years. Mr. James Adam, the new WB Vice President for Asia and the Pacific, said Vietnam stands out as an example of a development model that has lifted millions of people out of poverty while ensuring the benefits of its vibrant market economy are fairly evenly distributed across society. He revealed that promoting banking reform and fighting corruption are key to this strategy.
Mr. Adams said that through its concessional lending arm, the International Development Association (IDA) – which provides credits to the world’s poorest countries – the World Bank will focus resources on areas key to supporting Vietnam to implement its own five-year Socio-Economic Development Plan. The four proposed areas for engagement are: improving the business environment; strengthening social inclusion; better managing natural resources and the environment; and improving governance.
Since 1993, when the World Bank re-engaged with Vietnam, the International Development Association has provided $6 billion in interest-free credits and grants to help the country sustain growth and fight poverty.
By Xuân Hồng
