WB commits 1.2 billion USD in aid to Vietnam

The World Bank will provide Vietnam with 755.6 million SDR (equivalent to 1.2 billion USD) in aid from the International Development Assistance (IDA) source for the 2009 fiscal year. The WB Executive Director in charge of Southeast Asia, Mat Aron Deraman, announced the decision at his meeting with State Bank of Vietnam Governor Nguyen Van Giau in Hanoi on July 14. The IDA funding will be allocated to 12 programmes or projects, in addition to one project to be funded by the International Bank for Reconstruction and Development (IBRD), he said. The aid came as the result of Vietnam ‘s success in improving its business environment with its ranking in the WB’s 2008 report up by three places to the 91th among 178 countries, according to Deraman. The World Bank’s 2009 fiscal year starts from July 1, 2008 to June 30, 2009. Source: VNA