Vietnam Gets $371 Million Financing from World Bank to Buttress Competitiveness, Green Growth

Tuan Minh

07:22 26/07/2016

BizLIVE - Vietnam has received $371 million in loans and grants from the World Bank to support its economic competitiveness, green growth, and water management.

Vietnam Gets $371 Million Financing from World Bank to Buttress Competitiveness, Green Growth

World Bank Vice President for East Asia Pacific Victoria Kwakwa and Governor of the State Bank of Vietnam Le Minh Hung sign accords in presence of PM Nguyen Xuan Phuc. (Photo: SBV)

Vietnam and the World Bank (WB) late on Monday signed agreements for three projects, worth $371 million in total, to support the country’s economic competitiveness, climate change response and green growth, and water supply and waste water treatment.
Of the amount, the Southeast Asian nation will get a $150 million WB loan and $12 million co-financing grants, provided by the governments of Switzerland and Canada, to bolster its financial sector stability, reform state-owned enterprises and improve the business environment, the bank said in a press release. 
This financing is the third financing of a package worth more than $1 billion, provided by the World Bank and other partners and aimed to help meet some of the government fiscal needs. 
In addition, Vietnam will borrow $90 million from the World Bank to support its climate change and green growth policy actions and $119 million for urban water supply and wastewater treatment project.

TUAN MINH