IFC, Canada Sign Agreement to Improve Livelihoods of Vietnamese Farmers

International Finance Corporation (IFC), a member of the World Bank Group, recently signed a cooperation agreement with the Government of Canada to give Vietnamese farmers an increased access to finance and knowledge-sharing of sustainable agricultural practices to help improve their livelihoods.

 

Under the agreement, the Canadian Government will contribute US$7.6 million to implement an agribusiness development project aiming at increasing the profitability and sustainability of Vietnam’s agribusiness sector over the next five years.

 

IFC will work with the Vietnamese government to improve the country’s agricultural regulatory framework to enhance access to markets for export commodities and expand business opportunities for farmers. IFC will also advise local commercial banks on broadening access to finance for agricultural businesses, especially smallholder farmers.

 

IFC has been working with Vietnam’s government and local businesses for the last 15 years to help develop the private sector and its contribution to sustainable economic growth. The Government of Canada is an IFC active donor partner in delivering its advisory programme in Vietnam.