$682 mln WB loan to boost power sector reform, poverty alleviation

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The State Bank of Vietnam on Tuesday signed financing agreements worth US$682 million with the World Bank.

The funds will be used for power sector reforms and poverty alleviation projects.

A $312 million loan will support Vietnam's power sector reform in four main areas, including development of a competitive power market by reducing the existing monopoly and improving energy efficiency, the Washington-based lender said in a statement.

The other four projects to benefit from the financing agreements are two poverty reduction projects and two sanitation projects.

The funding was approved by the World Bank last month in "affirmation of Vietnam's remarkable progress towards Middle Income Country status", the bank said.

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