Social Policy Bank allowed to raise capital

The Prime Minister has permitted the Social Policy Bank to increase its capital by around 7 trillion VND (437.5 million USD) to provide loans to the poor and other social welfare beneficiaries.

The government leader entrusted the Finance Ministry to allocate 2 trillion VND from the 2008 State budget for the bank.

Another 2 trillion VND will be taken from the State Treasury’s redundant funds and other capital sources. The State Bank of Vietnam will be responsible for mobilising a maximum 3 trillion VND as loans for the bank.

The PM also asked the Ministry of Planning and Investment to seek official development assistance (ODA) and other low interest rate capital sources to provide chartered capital or long-term loans for the Social Policy Bank.

VNA

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