ADB ready to support HCM City in economic recovery: Country Director

(VOVWORLD) - The Asian Development Bank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’s economic recovery in the short term, as well as its economic development in both medium and long terms.
ADB ready to support HCM City in economic recovery: Country Director - ảnh 1 HCM city People’s Committee representatives hold a virtual meeting with  ADB Country Director for Vietnam Andrew Jeffries, October 23, 2021. (Photo: VNA)

ADB Country Director for Vietnam Andrew Jeffries made the pledge during an online meeting with Chairman of the municipal People’s Committee Phan Van Mai on Saturday.

The ADB is also willing to coordinate with HCM City in the disbursement of capital for joint projects and provision of credit to help local businesses affected by COVID-19 through intermediate financial institutions or guaranteed bank loans, he said.

Jeffries expressed his belief that HCM City will soon overcome the adverse impacts of the pandemic, and spoke highly of the economic development capacity of HCM City and Vietnam as well in the medium and long terms.

The next 6 months will be an important period when businesses, especially small and medium-sized enterprises (SMEs), and investors should receive support to surpass difficulties caused by COVID-19, he said.

Chairman Mai applauded the bank’s support to Vietnam’s economic recovery and safe adaptation to the pandemic, highlighting the ADB-funded COVID-19 financial relief worth 5 million USD to support women-led SMEs, among others.

The two sides agreed to improve the efficiency of cooperation in ongoing projects, and discuss new economic recovery plans.