Vietnam, ADB signs poverty reduction deal

MANILA: Vietnam has signed a poverty reduction accord enabling it to draw up to US$2.52 billion in soft loans from the Asian Development Bank (ADB) over nine years, the bank said Wednesday.

Signed in Hanoi on Monday, the agreement commits the government to reducing poverty to less than 19 percent of the population by 2010 from the current level of 32 percent.

The Manila-based ADB plans to provide concessional, low- interest loans worth between $220 million and $280 million per year to finance projects that would be identified with the help of ADB-funded studies, a bank statement said.

Market rate-based loans of up to $60 million annually will also be made available, it added. -- Reuters