VN, WB sign US$ 370 million agreements

14:31 | 27/07/2016 Cooperation

PM Nguyen Xuan Phuc witnessed the signing of US$ 370-million cooperative agreements in the fields of competitiveness enhancement, environment protection and sustainable development between the World Bank (WB) and the State Bank of Viet Nam (SBV) on July 25 in Ha Noi.

VN, WB sign US$ 370 million agreements

Photo: VGP

Governor of the SBV Le Minh Hung, and WB Vice President for East Asia Pacific region (former WB country director for Viet Nam) Victoria Kwakwa, signed the agreements, which are aimed at supporting Viet Nam’s competitiveness, climate change adaption and water management.

In particular, the Third Economic Management and Competitiveness program, worth US$ 162 million (including US$ 12 million from the Canadian and Sweden Governments) supports the Vietnamese government to complete the institutional framework, reform important fields including banking, State investment and State-owned enterprises in order to stabilize the macro-economy, attract investment and improve the competitiveness of the economy.

About US$ 90 million will be used for supporting climate change and green growth policy activities.

The US$ 119-million Urban Water Supply and Wastewater Project in Viet Nam targets to help Viet Nam complete the institutional framework for environmental protection and climate change response as well as assist localities in improving infrastructure to cope with climate change and poverty reduction.

At the event, PM Nguyen Xuan Phuc awarded Mrs. Victoria Kwakwa the friendship order for her effort and contribution to strengthening the cooperation of the WB for Viet Nam’s socio-economic development process.

Speaking at the ceremony, Ms. Victoria Kwakwa said that the WB is deeply interested in the key reforms of the economy, synchronous infrastructure development and climate change adaptation for poverty reduction and sustainable development.

Ms. Kwakwa expected that inked programs and projects will be successfully launched and the loans from the WB will be effectively used, which contribute to promoting the cooperation between the WB and Viet Nam in the future.

On this occasion, Governor Hung also awarded Mrs. Kwakwa a medal in recognition of her contribution to the development of Viet Nam’s banking system./.


Source: VGP