World Bank provides loan to Vietnam poverty reduction program

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The World Bank said it has approved additional finance of US$50 million for Vietnam to help the country reduce poverty among disadvantaged groups.

The interest-free credit is the latest in a series of three policy operations which have contributed to successful reforms implemented by the Vietnamese government under a program to support development in ethnic minority and mountainous areas, the bank said in a statement released last week.

"Besides its achievements in contributing to poverty reduction, [the program] has also provided a unique platform for development partners to join efforts in supporting a programmatic reform agenda," said Victoria Kwakwa, country director for the World Bank in Vietnam. "It has highlighted the importance of reforms to empower beneficiaries and improve transparency for the success of targeted poverty reduction programs."

The Washington-based bank said resources for the new credit come from its concessional lending arm, the International Development Association, which provides credits and grants to poor countries.

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