THE SOCIALIST REPUBLIC OF VIET NAM
Government News
ADB funds VN’s microfinance programs
VGP - The Asian Development Bank (ADB) and the Vietnamese Government on October 19 signed a US $1.5-million non-refundable aid agreement to help Việt Nam better unmanaged microfinance programs.
October 20, 2009 10:05 AM GMT+7
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ADB is continuing to offer grants to Việt Nam |
Regularizing microfinance programs will boost the provision of services and the financial assistance to poor people, so as to foster social development.
Now, microfinance mainly consists of subsidized programs conducted by the Việt Nam Bank for Social Policies.
Initially, 5 microfinance programs will receive the fund to enhance capacity of joining the formal sector.
The fund will be used in 2 years. The Government will provide a counterpart funding of US $150,000. Meanwhile, microfinance organizations which participate in the programs will supply US $800,000, raising the total fund to nearly US $2.5 million.