WB to lend Vietnam $350 mln to reform gov’t policy

The World Bank (WB) will lend Vietnam US$350 million in a second phase of a project aimed to help the country’s government develop its public investment policy.

The loan comes from two of the World Bank affiliates: US$250 million from the International Bank of Reconstruction and Development (IBRD) and US$100 from the International Development Association (IDA) fund. French Development Agency (AFD), a development fund of the French government, will also provide €35 million (US$48 million) as part of a co-financing scheme with the World Bank for the project.

The Public Investment Reform Project seeks to support modern governance in such areas as better planning processes, more transparent procurement and stronger public financial management. It is designed to assist the government of Vietnam to strengthen the selection, preparation, implementation and supervision of public investment projects.

The first phase of the project, from Dec 2009 to Sep 2010, received US$500 million of funding from the World Bank and €100 million (US$134.5 million) from the French Development Agency (AFD).

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