Vietinbank Appointed Serving Bank for Poverty Reduction Loans

The Governor of the State Bank of Vietnam (SBV) issued Decision No.2480/QD-NHNN to appoint the Vietnam Bank for Industry and Trade (Vietinbank) as the serving bank for the US$100 million loan on Poverty Reduction Programme V - Subprogram 2 under Loan Agreement No 2570-VIE(SF) signed by representatives of Vietnam and the Asian Development Bank (ADB) on October 20, 2009.

 

The loan has 24 years of maturity, provided from the concessional Asian Development Fund (ADF). It is a parallel loan to the World Bank-led Poverty Reduction Support Credit 8 (PRSC8) and aims at supporting the Government to carry out policy reforms in the areas of business development, social inclusion, natural resource management, and governance needed for the successful implementation of the Socio-Economic Development Plan for the 2006 – 2010 period.