The Asian Development Bank (ADB) will continue its support for Vietnam's sustainable growth, social development and good governance to cut poverty in the country, said the bank in its Country Strategy and Program (CSP) for 2006-2008.

The strategy, which has been endorsed by the ADB Board of Directors, retains a geographic focus on the country's central region, where poverty reduction has been slower than in other provinces, as well as enhancing Vietnam's regional cooperation within the Greater Mekong Subregion (GMS), said ADB.

"Key development challenges for the next five years including sustaining the country's high economic growth and poverty reduction, supporting social development, generating jobs, and narrowing regional inequalities," says Bradford Philips, ADB Country Director in Vietnam.

ADB will provide loans for protecting forests and water resources, promoting health and education projects including HIV/AIDS prevention among youth, and finance industry and trade projects including small and medium enterprises.

ADB will also provide a 300 million US dollar loan for the Metro Rail project of Ho Chi Minh City in 2008 and energy projects including Song Bung 4 hydropower development.

Vietnam will also benefit from ADB-funded GMS-wide projects, including the Hanoi-Lao Cai Railway upgrade, a tourism project, southern coastal corridor, and GMS power interconnection.

Source: Xinhua