ADB Plans Nearly $4B For Vietnam Economic Development

11-Aug-2012 Intellasia | Reuters | 7:01 AM

The Asian Development Bank (ADB) on Thursday said it has planned nearly $4 billion in regular and concessional loans and grants to Vietnam in the next three years to support projects aimed at easing bottlenecks to economic growth.

Six sectors – farming, education, energy, finance, transport and municipal infrastructure – would be covered by the funding aimed at reforming state-owned companies, helping poorer regions develop and dealing with climate change, the Manila-based multilateral lender said in a statement.

While Vietnam has had grown rapidly in the past two decades, “structural constraints continue to be a concern” in the longer term, ADB vice-President for Operations in East Asia, Southeast Asia and the Pacific, Stephen P. Groff, said in the statement.

The Country Partnership Strategy through 2015 includes $2.6 billion in ordinary loans and $1.2 billion in lending from the Asian Development Fund, plus technical assistance worth $8 million a year, the ADB said.

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