World Bank to Lend Vietnam $6B in Next 3 Years

The World Bank will provide over $6 billion in loans to Vietnam to implement 44 programs and projects in the 2011-2013 fiscal years. Of the sum, $3.2 billion will be sourced from the International Development Association (IDA), which is part of the WB that helps the world’s poorest countries, the State Bank of Vietnam, the country’s central bank, said on its website July 15. The remainder will come from the International Bank for Restructure and Development (IBRD), the low-interest lending arm of the WB, it added.  In order to facilitate disbursements of these funds, the World Bank has signed a $100 million credit deal to help Vietnamese government agencies make plans and prepare for public investments.  The WB has funded $10.4 billion in soft loans for 93 programs and projects in Vietnam since 1993. The bank pledged $2.498 billion in official development assistance (ODA) for the country this year.