The World Bank approved a credit package on June 25 worth US$350 million for Vietnam to help minimize the effects of the global economic downturn, the Communist Party of Vietnam said.
World Bank Country Director, Victoria Kwakwa, said in a note that the bank approved the funds after seeing improvements resulting from the Vietnamese government’s stimulus packages, and the funds will be allocated to its poverty reduction support credit program (PRSC8).
That funding is of great significance to Vietnam , which is facing challenges from the global economic turmoil, Victoria Kwakwa said.
The World Bank also approved US$177 million for Vietnam to help reform its educational systems.
The World Bank is expected to provide US$4 billion in aid in the next two years. (CPV)
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