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  Poverty Alleviation

ADB pledges 776 million USD to Viet Nam in 2005-06

The Asian Development Bank (ADB) has approved a plan for 2005- 06, which will provide loans totaling 776 million USD to Viet Nam, the ADB Ha Noi Office announced on Monday.

ADB Country Director Bradford Philips said the bank's decision was based on Viet Nam's satisfactory prospect of development in the short and medium terms. Viet Nam, lying between two major markets of Southeast Asia and China with plentiful natural resources and skilled human resources, has great potential in economic development and poverty reduction.

The sum includes 178 million USD from the Asian Development Fund (ADF) and 210 million USD from its ordinary capital. ADB will look for co-donors and non-refundable aid for prioritised projects.

ADB said the sum will be spent on four projects to improve living conditions and infrastructure facilities for the central region, two projects to upgrade electricity networks, two projects on education and preventive medicine, one project on small-and medium-sized enterprise development and one on development of science and technology for the agricultural sector.

The loans will also support three inter-regional projects on control of transmitted diseases, developing the Kunming (China)-Hai Phong (Viet Nam) corridor, and upgrading the rail route from Ha Noi to Lao Cai.

Beside the loans, ADB plans to provide five million USD a year to technical assistant programmes.

Up to June this year, ADB granted 44 loans worth 2.6 billion USD and 148 technical assistant projects worth 101.21 million USD. It returned to Viet Nam in 1993.-

Vietnam Agency - (25/08/2004)

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