WB Pledges Vietnam US$711Mln to Raise Competitive Capacity
The World Bank announced on September it will lend Vietnam US$711 million, part of the US$4.3 billion package of soft loans and non-refundable aids for the Pacific-East Asia for fiscal year 2007 to sharpen the country’s competitiveness in the future.
With the money, WB will support Vietnam in implementing a five-year development strategy with focus on boosting the country’s competitiveness and economic integration, governance and the development of infrastructure network.
Vietnam will use up to 60 per cent of the sum to improve urban infrastructure development including roads environment hygiene and transport systems, and 15 per cent will be spared for natural environment and resource management, the report said.
China is the largest recipient of $1.6 billion in the fiscal year, accounting for 41 per cent of the total.
Newly-appointed WB President Robert Zoellick during his recent working visit to Vietnam urged to build market institutions including improving governance, transparency, rule of law, financial systems and attach importance to developing private economic sectors.
The International Finance Corp (IFC) under the WB will raise its loans to $500 million which will be invested in infrastructure, deepwater seaport and power projects in Vietnam in the coming time, according to Robert Zoellick.
The WB will put Vietnam on the list of the countries that are to be loaned by the International Bank for Reconstruction and Development.
In February, the World Bank said it planned to lend Vietnam at least $4 billion over the next five years, but Zoellick said it could bring more loans and generate investments through its private sector arm. (Laborer, Tuoi Tre Online)
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