|
The World Bank’s largest ever loan to Vietnam worth 500 million USD was signed in Hanoi on Dec. 30.
The 25-year loan, with a 10 year grace period, is the first round of a larger loan worth one billion USD from the International Bank for Reconstruction and Development (IBRD), one of five institutions that comprise the World Bank Group. The remaining amount is expected to be disbursed by the end of 2010.
The loan is aimed at supporting a programme of public investment reform in Vietnam as well as speeding up the implementation of various projects in the country.
The investment reform programme will support the overall infrastructure of investment projects from public funds, environmental management projects, public financial management, the legal framework for private investors, and the evaluation of projects.
The programme will also help Vietnam strengthen its stimulus packages and following investment reform programmes to ensure economic growth rate.
Addressing the signing ceremony, Country Director of the WB, Victoria Kwakwa stressed that the loan, the first from the IBRD, is seen as the world’s recognition for the country’s great efforts during the past years.
| 
