VBARD appointed as serving bank for Second Northern Mountains Poverty Reduction Project

The Governor of the State Bank of Vietnam (SBV) issued Decision No.2274/QĐ-NHNN on September 24 to appoint the Vietnam Bank for Agriculture and Rural Development (VBARD) as the serving bank for “the Second Northern Mountains Poverty Reduction Project” worth SDR 69,600,000 (Equivalent to USD 150 million) under Loan Agreement No.4698-VN signed between the Socialist Republic of Vietnam and the World Bank (WB) on May 25, 2010.

Under this decision, the General Director of the VBARD is responsible for providing banking services to the project in line with Decree No.131/2006/ND-CP, Circular No.123/2010/TT-BTC of the Ministry of Finance dated August 19, 2010 and the guidelines of SBV, the Ministry of Finance and the WB.

Together with the success of the First Northern Mountains Poverty Reduction Project, the Second Northern Mountains Poverty Reduction Project will contribute to further enhancing the accessibility of the poor to infrastructure and socio-economic services, and improving production and institutional capacity of local authorities.

sbv

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