The World Bank has approved four credits totaling US$456.5 million to help Vietnam's transition to a middle-income country.
The bank said in a statement Thursday that with the latest credits, total World Bank lending to Vietnam this fiscal year has reached a record of $2.13 billion. The bank's fiscal year ends on June 30.
The credits are all provided by the International Development Association, a World Bank arm that helps reduce poverty in poor countries.
One of the four approved credits the Vietnam New Model Universities Project aims to set up and pilot a new policy framework for the governance, financing and quality assurance of a new model university. "This will help Vietnam develop a model for a higher education system that is innovative and of high quality as well as geared towards developing marketable skills for young people entering the labor market," the bank said.
Other credits will be used to assist reforms needed to transform Vietnam from a transition economy to a middle-income country, to help the country plan and prepare public investments efficiently, and to improve efficiency of the transmission system as well as rural energy access.