Monday, December 18 2017

VietNamNews

VN to say bye to WB preferential loans

Update: April, 28/2017 - 10:08
Deputy Prime Minister and Foreign Minister Phạm Bình Minh delivers speech at meeting in Hà Nội on Wednesday to review projects using ODA funds and preferential loans. — VNA/VNS Photo Trần Việt

HÀ NỘI — World Bank (WB) preferential loans during the 2017 fiscal year will be used for sustainable development, infrastructure, improvement of tertiary education, and disaster recovery in the central region, said Deputy Prime Minister and Foreign Minister Phạm Bình Minh.

Minh, also head of the National Steering Committee for Official Development Assistance (ODA) and Preferential Loans, made the statement while chairing a meeting in Hà Nội on Wednesday to review projects using ODA funds and preferential loans.

In the first four months of this year, Việt Nam signed agreements for a total US$700 million of ODA and preferential loans. As of April 24, an estimated $410 million was disbursed.

This is the last year that Việt Nam will receive preferential loans from the WB’s International Development Association. The global lender committed loans to 14 projects and programmes in Việt Nam worth $2.1 billion. After July 1, loans to Việt Nam will be less preferential.

However, disbursement speed has been inconsistent, with delays in some projects, making it difficult for those projects to complete their goals if the disbursement deadlines are not extended. 

Speaking at the meeting, Minh said the Government will increase the efficiency of the use of preferential loans by speeding up the projects’ progress. He asked agencies to work with the State Bank of Việt Nam to prepare projects for submission to authorities for approval, ensuring that negotiations with the WB are on schedule. — VNS

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