WB to Lend $4.2B to Support Vietnam in 2012-2016

The World Bank Group's Board of Executive Directors has approved the first three operations under Vietnam Country Partnership Strategy (CPS) for the 2012-2016, delivering commitment to support its transition to a successful middle income country. Accordingly, the International Development Association (IDA), the World Bank's concessional arm, will allocate about $4.2 billion to support Vietnam during the new CPS period. The CPS would support investment, programs and advisory services organized into a strategic framework of three key pillars and three cross-cutting themes, state media reported. The pillars are to increase the country's competitiveness, sustainability of its development and access to social and economic opportunities. The cross-cutting themes are to strengthen governance, promote gender equality and improve resilience in the face of external economic shocks, natural hazards and the impacts of climate change. The CPS was expected to help Vietnam address these challenges and implement the government's Socio-economic Development Strategy during the next 10 years. WB, the biggest multilateral donor in Vietnam, has provided nearly $14 billion in credit, loans and grants to help the Southeast Asian nation sustain growth and fight poverty since 1993. Earlier on Dec 15, the WB approved $457 million in IDA credits to help Vietnam implement three development projects in poverty reduction, urban infrastructure services and rural transport. Vietnam also could get a loan worth $770 million from The International Bank for Reconstruction and Development (IBRD) by mid-2014. (Saigon Giai phong –Saigon Liberation Dec 21 p2, Kinh te & Do thi – Urban & Economy Dec 21 p4, Vietnam News Dec 21 p1)