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ADB to lend Vietnam around one bln USD each year

Xinhua, October 11, 2016 Adjust font size:

The Asian Development Bank (ADB) announced Tuesday that it will maintain lending at around one billion U.S. dollar each year for Vietnam in 2016-2020 period.

The announcement was made at the launch of Vietnam Country Partnership Strategy (CPS) for 2016-2020 by ADB in Vietnam's capital Hanoi on Tuesday.

According to ADB, Vietnam is starting to face new and more complex challenges. Growth is creating environmental damage and the country is highly exposed to climate change. Previously rapid growth in the working age population is starting to fall and pockets of poverty still remain, particularly in remote and rural regions.

"To help Vietnamese government address these challenges, ADB will support investments to achieve three key outcomes," said Eric Sidgwick, ADB Country Director for Vietnam.

"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."

In addition to lending of around one billion U.S. dollar each year, ADB will adopt measures to improve the readiness and quality of projects that are being supported, as well as the implementation of existing projects, said ADB, adding that it stands ready to scale-up its assistance, if additional resources be requested by government. Enditem