WB-funded Project Creates US$350Mln of Investment

The World Bank-funded rural financial development project No2 has helped Vietnam create VND5.585 trillion (US$351.3 million) of investment capital for the rural areas over the past three years with 150,000 executed subprojects in 59 provinces, cities, state media reported.

 

With short and long-term loans worth US$200 million provided for Vietnam through the Bank for Investment and Development of Vietnam (BIDV) to carry out the rural development project, that has created 223,800 jobs so far in a bid to improve the living standard of people in rural areas.

 

Under the project, BIDV [the project manager] has received US$162 million from the World Bank and disbursed some US$149 million for subprojects in rural areas across the nation.

 

So far loans provided by BIDV to financial institutions to carry out subprojects in the rural regions have had 100 per cent capital yield, with no outstanding cases reported, according to BIDV’s assessment.

Referring to the results of this project, WB is carrying out a survey to continue to provide loans for Vietnam’s rural financial project No3.