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VietNamNews

World Bank approves $100 million in financing for poverty reduction

Update: March, 02/2015 - 08:37
The increased funding will bolster poverty reduction efforts by the Vietnamese Government in the provinces of Ho Binh, Son La, Dien Bien, Lai Chau, Lao Cai and Yen Bai. — Photo dantocviet

WASHINGTON, D.C (VNS) — The World Bank has approved US$100 million in additional financing for an ongoing project to help improve living standards for poor people in six provinces in Viet Nam's northwest, the nation's poorest region.

The increased funding will bolster poverty reduction efforts by the Vietnamese Government in the provinces of Ho Binh, Son La, Dien Bien, Lai Chau, Lao Cai and Yen Bai.

"We are very pleased to see this additional financing approved by our Board of Directors," said Victoria Kwakwa, the World Bank's Country Director in Viet Nam.

"The project areas have some of the highest rates of poverty, and most of the project beneficiaries are poor ethnic minority communities. We share the Government of Viet Nam's strong desire to reduce poverty through the community-driven development approach embedded in this project, and we stand ready to work with the Government to scale up the project's successes."

The money will contribute to the Government's poverty reduction efforts by improving the capacity of local authorities and communities, increasing access to investment that boosts productivity, strengthening commune investment planning, and bolstering community links to markets and business innovations.

The project focuses on expanding support for poverty reduction efforts in the six provinces where it started, as well as additional districts and communes.

It also seeks to improve local development planning and help make a participatory approach part of the Government's national poverty reduction programs, with a focus on strengthening partnerships between farmers' groups and agro-businesses.

The Government is providing $10 million in addition to the $100 million from the International Development Association, the World Bank Group's concessional lending arm. — VNS

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