Vietnam and World Bank sign US$ 507 million in financing agreements
Updated: 7/11/2015 3:46:13 PM GMT + 7

(MPI Portal) – On July 9th 2015, the State Bank of Vietnam and the World Bank signed four credit agreements totaling US$ 507 million to support Vietnam’s priorities in sustainable agriculture, poverty reduction and a bus rapid transit system.

The financing covers four projects, including US$ 238 million for sustainable agriculture transformation project; US$ 45 million additional financing for ongoing livestock competitiveness and food safety project; US$ 100 million additional financing for the second Nothern moutains poverty reduction project and US$ 124 million for the Ho Chi Minh city green transport development project.

The sustainable agriculture transformation Project supports the Government’s effort to reform the agriculture sector, organize the supply chain, especially rice and coffee production, benefit up to 140,000 families in the Mekong Delta by helping them to improve farming practices, invest in processing infrastructure and link with agri-business. The Project will also support 62,000 coffee-producing households of about 250,000 people in the Central Highlands.

The livestock competitiveness and food safety Project is working to boost the efficiency of the livestock sector, reduce the environmental impact of livestock production, processing and marketing; improve food safety in livestock product supply chains. The project has already yielded results, as better animals husbandry practices have helped reduce mortality rates and lowered the cost of animal feeding.

The second Northern moutains poverty reduction Project is supporting the Government’s effort to reduce poverty in the poorest region of Vietnam. The additional financing will continue and deepen poverty reduction activities in the six provinces of Hoa Binh, Son La, Dien Bien, Lai Chau, Lao Cai, Yen Bai; include additional districts and communes; scale-up and strengthen participatory local development planning and institutionalize this approach in the Government’s overall national poverty reduction programs; and promote market linkages and business innovations to boost farmers’ income.

The Ho Chi Minh city green transport development Project will finance the development of 23-kilometer-long bus rapid transit corridor, which will transport up to 28,300 passengers a day. The project will also help city authorities prepare for a proposed six-line network and lay the foundation for an integrated public transport system in the future./.

Nguyen Huong
MPI Portal
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