Vietnam Seeking a Piece of ADB’s US$3B Pie
Deputy Prime Minister Nguyen Sinh Hung has just given a nod to the State Bank of Vietnam, the country’s central bank, to seek funds from the Asian Development Bank’s US$3 billion Countercyclical Support Facility (CSF).
The ADB established the CSF on Jun 16, 2009 in order to provide short-term, fast-disbursing loans to developing countries to help cushion the effects of the recent global economic turmoil, the government of Vietnam said on its Website Wednesday.
Vietnam is expected to use the funds, if approved by the ADB, for the development of transport and irrigation projects.
Under the CSF, Vietnam can borrow a maximum sum of US$500 million if it meets the requirements of the ADB’s ordinary capital resources. (chinhphu.vn)
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