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WB approves $500m credit for VN reform

Update: June, 07/2014 - 10:17
The World Bank's credit is expected to support Viet Nam's economic management reforms. — Photo
WASHINGTON, D.C (VNS)  — The World Bank yesterday approved a total of US$500 million credit for Viet Nam.

The first $250 million credit will support Viet Nam's economic management reforms. It will focus specifically on strengthening financial-sector governance, public administration and the management of State Owned Enterprises (SOEs).

"The programme supports reforms that should help address some of the binding constraints to private sector investment," said Victoria Kwakwa,World Bank director for Viet Nam. "Promoting a stronger role for the private sector in the economy is critical for Viet Nam's future growth."

In addition, another $250 million credit was also approved yesterday to help seven cities in the northern mountains strengthen their capacity as "engines of regional economic growth".

Cities participating in the programme will receive funds to enhance their management capacity and to develop local infrastructure, including roads, bridges and drainage, as well as for upgrading low-income areas.

The Ministry of Construction will co-ordinate and oversee the works and provide technical assistance to cities paqrticipating. — VNS

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