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WB provides USD 876 million for five projects in Vietnam
28 | 07 | 2014
Governor Nguyen Van Binh of the State Bank of Vietnam (SBV) and Mr. Jim Yong Kim, President of the World Bank Group (WB), signed loan agreements for five WB-financed programs and projects with the total value of USD 876 million in Hanoi on July 17, with the witness of Prime Minister Nguyen Tan Dzung. The signing ceremony was held on the occasion of the official visit of WB President Jim Yong Kim to Vietnam from July 16-17, 2014. This is the first time WB President himself has directly countersigned WB-financed programs/projects loan agreements with the SBV Governor. This shows his special interest in the relationship between WB and Vietnam in general and to WB programs/projects implementation in Vietnam in particular.

The above-captioned funds will finance five programs and projects, namely, the Second Economic Management and Competitiveness Credit (EMCC2) totaling USD 250 million; the Vietnam Result-based National Urban Development Program in the Northern Mountains Region (USD 250 million), the Health Professionals Education and Training for Health System Reforms Project (USD 106 million), the Third Power Sector Reform Development Policy Operation (USD 200 million) and the Third Climate Change Development Policy Operation (USD 170 million). The total value of the programs and projects accounts for 57% of the aggregate WB funding for Vietnam within FY 2014 (from July 1, 2013 to June 30, 2014).

Following EMCC1, the EMCC2 continues to support Vietnam in shifting its growth model from natural condition-based to productivity and competitiveness-based, contributing to the Government’s socio-economic development plan in the 2011-2015 period. The EMCC2 provides assistance to Vietnam’s reforms with a focus on macroeconomic stability, transparency, efficiency and credibility of the public sector and creation of a favourable business environment.
The Health Professionals Education and Training for Health System Reforms Projects aims to improve quality of health professional education and training, strengthen management competencies in the health sector and improve competencies in primary health care in pursuit of the national strategies and policies on health system development in order to achieve millennium goals and new rural development.
The Vietnam Result-Based National Urban Development Program in the Northern Mountains Regions enables the phased implementation of the National Urban Development Program of Vietnam, contributing to poverty reduction in northern mountain urban areas, including Bac Can, Cao Bang, Dien Bien, Hoa Binh, Thai Nguyen, Tuyen Quang and Yen Bai provinces. The program also contributes to strengthening policy-making capacity and urban planning for the Ministry of Construction and local authorities as project participants.
The Third Climate Change Development Policy Operation and the Third Power Sector Reform Development Policy Operation continue to support the Vietnamese Government in adapting to the impacts of climate change and greenhouse gas emissions reduction, in accordance with prioritized activities in the Climate Change Response Support Program in Vietnam and implementing power sector reform to promote effective competition, appropriate investment in the power sector for the purpose of sufficiently supplying power to the economy at the lower cost, jointly improving people’s living standard by establishing electricity tariff mechanism for the poor and rural electrification.
In his official visit to Vietnam, the WB President Jim Yong Kim also announced its IDA financial commitment of over USD 3.8 billion for Vietnam during the2014-2017 period (IDA 17), which retains Vietnam as the second largest IDA recipient during IDA 17. This reflects the confidence of Mr. President himself and the WB top leaders in general in the efficiency of WB funds in Vietnam as well as in Vietnam’s achievements in poverty reduction and socio-economic development.
Source: Agribank (Vietnam)

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