The World Bank (WB) has agreed to fund $150 million for the 9th Poverty Reduction Support Credit (PRSC 9) in Vietnam, the state-run Vietnam News Agency said July 30.
Governor Nguyen Van Giau of the State Bank of Vietnam, the country’s central bank, signed an agreement on the PRSC 9 and related legal documents with the WB’s Acting Manager in Vietnam Alain Barbu on July 29. The PRSC, conducted by the WB in developing countries that have stable macro economy and rational finance management system, was inaugurated in Vietnam in 2002. The global bank has financed a combined of $1.475 billion for Vietnam’s nine PRSC programs so far.
“Vietnam is among the lowest-income Asian nations with GDP per capita of less than $2,000,” the WB Vice President for East Asia and Pacific region James Adams said.
The Southeast Asian country aims to reduce the number of poor households to less than 9.5% this year from 11% in 2009.
