WB approves loan to support VN’s public investment

VGP - A loan from the World Bank (WB), worth of US$ 500 million, was reserved for Việt Nam through a WB member, the International Bank for Reconstruction and Development (IBRD), to support the country’s economic development and public investment reform programs.

December 23, 2009 4:26 PM GMT+7

World Bank’s loan will help to reform public investment

It is the ever biggest loan and also the first one of WB to support Việt Nam’s stimulus programs in coping with economic crisis.

The purpose of the loan is to boost up public investment reform, so as to resume high economic growth rate.

The fields to be reformed include infrastructure investment; environmental management; tender assessing, appraising and supervising projects; public financial management; and legal framework proposals for the private sector’s participation in infrastructure.

On December 03, the PM issued Official Letter No. 2405/TTg-QHQT to ratify the first loan for Public Investment Reform Development Policy with the WB.

The loan, worth of US$ 1 billion, consists of two components which will be disbursed in January 2010 and Q3 of 2010 respectively.

By Thùy Dung