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News
August 15, 2003
Vietnam Gets $134
Million From World Bank
HANOI, Vietnam (Associated Press) - The World Bank said Friday it is lending
Vietnam $100 million over the next three years to support reforms to reduce
poverty, develop a market economy and devise a modern legal system.
Three other donors, the U.K., the Netherlands and Sweden, have also agreed to
provide Vietnam with $33.7 million in grants during the same period.
The World Bank's pledge makes up the second Poverty Reduction Support Credit,
granted to Vietnam to reflect the international community's strong support for
the country's commitment to growth and poverty reduction, the agency said in a
statement.
A World Bank executive said the new funds will be disbursed between 2003 and
2006, depending on the progress of reforms.
The funds will be used in three broad areas: speeding up Vietnam's transition
from a centrally managed economy to a market economy, improving education and
health facilities for the poor, and developing a system of modern governance and
legal reforms.
In a separate statement, the World Bank said it has approved a $5.5 million
grant to finance a 12-year project to promote the efficient use of electricity
in Vietnam.
Under Vietnam's first Poverty Reduction Support Credit program, Vietnam received
$250 million in loans from the World Bank in 2001 and 2002, and $55 million in
grants from other donors.
Vietnam has agreed to a series of reforms covering its state enterprise and
banking sectors, as well as trade liberalization and the encouragement of
private business, which the World Bank's money is designed to support.
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