ADB plans to lend Vietnam about 1 billion USD each year
The Vietnam Country Partnership Strategy (CPS) for 2016-2020 proposes maintaining the lending of the Asian Development Bank (ADB) to Vietnam at around 1 billion USD each year, the ADB in Vietnam released at a conference in Hanoi on October 11.
The ADB in Vietnam held a press conference in Hanoi on October 11 to unveil the Vietnam Country Partnership Strategy (CPS) for 2016-2020, which aims to help Vietnam implement its Socio-Economic Development Planthrough boosting inclusive and sustainable growth in the next five years.
Addressing the press conference, ADB Country Director for Vietnam Eric Sidgwick said that the CPS was developed in the context of Vietnam’s impressive economic and social achievements.
The country has reached the lower-middle income status in 2010, and has recorded rapid progress in poverty alleviation, healthcare and education.
According to the ADB, currently, Vietnam is facing new and more complex challenges. Growth comes with environmental damage and the country is highly vulnerable to the impact of climate change. The increase of the working age population has slowed. Pockets of poverty remain, particularly in remote and rural areas.
Director Eric Sidgwick stressed that in order to
help the Vietnamese Government address these challenges, the ADB will support investments to achieve three key outcomes.
“These will be to promote job creation and competitiveness, to increase the inclusiveness of infrastructure and service delivery, and to improve environmental sustainability and climate change responses”, he elaborated.
Sidgwick also highlighted that the CPS emphasised sharing knowledge with a focus on developing business climate, fiscal transparency, public accountability, as well as integrated and green urban infrastructure.
The Vietnam Country Partnership Strategy (CPS) for 2016-2020 proposes maintaining ADB lending to Vietnam at around 1 billion USD each year.
Besides, ADB will also continue to support between 5 and 7 million USD in technical assistance and grants for Vietnam during the period, while another 1.4 billion USD in co-financing from development partners and climate funds is in the pipeline.
ADB said it is ready to scale up its assistance, and provide additional resources if requested by local Government.
The Vietnam Country Partnership Strategy (CPS) for 2016-2020 highlights that Vietnam’s transition from the lower-middle income to the middle-income status requires improvements in the efficiency of public expenditure and greater private sector investment.
ADB will help leverage private sector investment through public–private partnerships, as well as support sustainable natural resource use, climate change adaptation and risk mitigation measures in Vietnam.
Addressing the press conference, ADB Country Director for Vietnam Eric Sidgwick said that the CPS was developed in the context of Vietnam’s impressive economic and social achievements.
The country has reached the lower-middle income status in 2010, and has recorded rapid progress in poverty alleviation, healthcare and education.
ADB announces partnership strategy with Vietnam for 2016-2020.
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Director Eric Sidgwick stressed that in order to
help the Vietnamese Government address these challenges, the ADB will support investments to achieve three key outcomes.
“These will be to promote job creation and competitiveness, to increase the inclusiveness of infrastructure and service delivery, and to improve environmental sustainability and climate change responses”, he elaborated.
Sidgwick also highlighted that the CPS emphasised sharing knowledge with a focus on developing business climate, fiscal transparency, public accountability, as well as integrated and green urban infrastructure.
The Vietnam Country Partnership Strategy (CPS) for 2016-2020 proposes maintaining ADB lending to Vietnam at around 1 billion USD each year.
Besides, ADB will also continue to support between 5 and 7 million USD in technical assistance and grants for Vietnam during the period, while another 1.4 billion USD in co-financing from development partners and climate funds is in the pipeline.
ADB said it is ready to scale up its assistance, and provide additional resources if requested by local Government.
The Vietnam Country Partnership Strategy (CPS) for 2016-2020 highlights that Vietnam’s transition from the lower-middle income to the middle-income status requires improvements in the efficiency of public expenditure and greater private sector investment.
ADB will help leverage private sector investment through public–private partnerships, as well as support sustainable natural resource use, climate change adaptation and risk mitigation measures in Vietnam.
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