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Vietnam Today

World Bank provides $507 million credit

Released at: 10:19, 11/07/2015

World Bank provides $507 million credit

Deal to finance four new and existing projects.

by Doanh Doanh

The State Bank of Vietnam and the World Bank signed four credit agreements on July 10 totaling $507 million to support Vietnam’s priorities in sustainable agriculture, poverty reduction, and a bus rapid transit system.

The signing took place in Washington D.C. during the first official visit of Party General Secretary Nguyen Phu Trong to the US.

“The signing signals the close partnership between Vietnam and the World Bank and we look forward to even more comprehensive cooperation in areas of strategic importance to the country,” said Ms. Victoria Kwakwa, the World Bank’s Country Director for Vietnam.

The financing covers four projects: the Sustainable Agriculture Transformation Project ($238 million), additional financing for the ongoing Livestock Competitiveness and Food Safety Project ($45 million), additional financing for the Second Northern Mountains Poverty Reduction Project ($100 million), and the Ho Chi Minh City Green Transport Development Project ($124 million).

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