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WB to lend $4.2bln to Vietnam
The World Bank (WB) has pledged to provide Vietnam with a $4.2 billion loan in 2012-2016 period, according to a recent deals between WB and Vietnamese Ministry of Planning and Investment.
The lending aims at supporting reforms and key investments for Vietnam’s successful transition process into a middle-income country, according to WB’s Country Partnership Strategy (CPS).
The expected allocation from the preferential capital sources of the WB and its arm, International Development Association (IDA), for Vietnam would be about 2.8 billion Special Drawing Rights (SDRs), equaling to $4.2 billion, in the new CPS period.
This will be the biggest amount of capital allocated by IDA for Vietnam ever, reflecting Vietnam’s performance as well as increasing the overall IDA resources, said WB.
Vietnam will also be able to access capital sources from International Bank for Reconstruction and Development (IBRD) with an expected amount of about $770 million until the middle of 2014.
Since returning to Vietnam in 1993, the WB has provided nearly $14 billion worth of credits, loans and aids to help Vietnam sustain growth and fight against poverty.
CPS will support investments and counseling programs in a strategic framework consisting of three pillars and three crosscutting themes.
The three pillars include the strengthening the competitiveness of Vietnam in the global and regional economies, the increasing the sustainability of the development process of Vietnam, and the opening the access conditions to socioeconomic opportunities.
The cross-cutting themes include the strengthening governance, the supporting gender equality and the increasing the endurance when facing economic shocks from the outside, natural disasters, and impacts of climate changes.
CPS will also make special emphasis on results.
This strategy aims to achieve timely results from the WB’s aids through the use of simple financial instruments based on the results and speed up of project implementation process.
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