WB loan for Vietnam

WB loan for Vietnam

WASHINGTON (Reuter): The World Bank said on Tuesday it approved a US$150 million, low-cost loan for Vietnam to help the country tackle widespread poverty and carry out tough economic reforms.

"Vietnam's reforms to date have had a profound impact on poverty reduction," Bank official David Dollar said. "The measures supported by this credit are designed to keep up the momentum of economic development and poverty alleviation."

Those measures include banking reform, trade liberalization and modernization of state-owned companies.

This is the Bank's fourth loan for Vietnam, bringing total assistance to about $475 million since the thawing of relations between Hanoi and Washington late last year paved the way for a resumption of lending to the country.

The Bank's International Development Association affiliate will provide the $150 million, 40-year loan to Vietnam at no interest charge.