WB to offer loan to help Vietnam reduce poverty

The World Bank (WB) will offer a concessional credit worth 100 million U.S. dollars to Vietnam to support its efforts in reducing poverty and promoting economic development.

Under an agreement signed here Tuesday by Governor of the State Bank of Vietnam Le Duc Thuy and the WB Country Director for Vietnam Klaus Rohland, the money will be poured into a poverty reduction support credit project, which is extended to 18 sectors and nearly 50 policy actions with the involvement of more than 20 ministries and government agencies.

The 5th Vietnam Poverty Reduction Support Credit (PRSC 5), a milestone in the cooperation among the Vietnamese government, the WB and the donor community, will provide direct support to the government's budget in recognition for the progress accomplished in policy reforms last year.

Source: Xinhua