WB Lends US$177 Million to Vietnam for Education Development

The World Bank (WB) has agreed to lend Vietnam US$177 million to further develop the country’s primary and higher education systems.

 

Vietnam’s State Bank Governor, Nguyen Van Giau, and Victoria Kwakwa, the World Bank Country Director for Vietnam, inked an agreement on the loan on August 21.

 

“The loan will help Vietnam finance education reforms critical to the country’s future competitiveness,” said Kwakwa.

 

“The economic crisis is a golden opportunity for Vietnam to reform its education sector as this will put the country on a firmer footing to come out of the economic crisis and to create a firm foundation for long-term growth,” she added.

 

In a statement dated June 23 from Washington DC, the WB said it recognized Vietnam’s progress in modernizing governance, financing, quality assurance and public financial management in the higher education sector.

 

According to the announcement, US$50 million from the credit line is for the beginning operations of Vietnam’s Higher Education Development Policy Program and aims to enable the sector to continue expanding the number of places, while ensuring equitable access to relevant study programs.

 

The other US$127 million is for the School Education Quality Assurance Program, which pays special attention to disadvantaged primary education students by supporting the Government’s full-day schooling reform program, the WB said. (Vietnam Banking Times)