World Bank grants major new loans to Vietnam

from Jurnalo

The World Bank plans to give Vietnam more than 4 billion dollars in interest-free loans through 2011 to help boost the country's fast-growing economy, the bank said Tuesday.

The aid of more than 800 million dollars a year will support Vietnam's five-year Socio-Economic Development Plan, which aims to reduce poverty and make Vietnam a middle-income country by 2010, a World Bank statement said.

The loan plan begins a country partnership strategy between Vietnam and the Washington-based development agency. The World Bank said it plans to focus on promoting business, environmental protection, social equality and governance.

The loans are to come from the International Development Association (IDA), the World Bank's credit arm for the poorest nations.